"total charge for credit"

dem1

hi,
i wondered if someone could help me - i had a loan wiht sainsbury's bank taken out in 2004;
the loan was for £7500, but there was a "total charge for credit" in amount of £2634.90,
i was despreate at the time and my credit wasn't great so i took it, but i only found out about this fee when i was signing the contract - not when i got the loan over the phone;
is there anyway that i could reclaim it?
i would greatly appreciate any suggestions,
thanks

ixwood

The "fee" is the interest charged for the loan.

No way to reclaim it. If you could you'd be getting an interest free loan, so with inflation someone would be paying you to lend you money (and hoping you give it back).

ILW

dem1 wrote: »

hi,
i wondered if someone could help me - i had a loan wiht sainsbury's bank taken out in 2004;
the loan was for £7500, but there was a "total charge for credit" in amount of £2634.90,
i was despreate at the time and my credit wasn't great so i took it, but i only found out about this fee when i was signing the contract - not when i got the loan over the phone;
is there anyway that i could reclaim it?
i would greatly appreciate any suggestions,
thanks

Did you really not expect to pay any interest?

nomoneytoday

The cost of the debt was in the Keyfact document. If you didn't want to pay the interest you could have declined the loan within a short period.

~Brock~

tibtib wrote: »

A huge problem with Loans is the fact that you have to pay back...!

Yes its a terrible scandal isn't it. Don't worry though, there's plenty of people around who can help you try and find a way of dodging it. :beer: