help !!!!

kani_2

I am in need of some advice anyone please,
I,ll try and keep this short and to the point.
About 2 year ago i took out a loan for £4200 and took it over 3 year, now a month into the loan i had a sum of money that i did'nt know i had coming and within a month or so i paid off £4150 from said loan which left £50 plus interrest ofcorse. Now maybe nievely i did'nt pay anything else off the loan because i thought i was o,k for a while with paying so much in one go but now thay have sent me a letter saying the debt has been moved to a collection agency for the sum of £1700. Is it just me or does that seem a lot of money for the balance left of £50 (plus interest).
Please any help would be greatfully recieved.
Many thanks,
Paul.

homer_j_3

Welcome to the forum.

So you thought that you could leave £50 and not pay anything?
How long did you think you could not pay?
Did you not get any letters asking for payment?

Sorry but it sounds like that you have been burying your head in the sand. You cant go from owing £50 to £1700 just like that. I think you need to get a breakdown and speak to Citezens Advice or post back on here for further advice.

dudleyboy

kani wrote:

I am in need of some advice anyone please,
I,ll try and keep this short and to the point.
About 2 year ago i took out a loan for £4200 and took it over 3 year, now a month into the loan i had a sum of money that i did'nt know i had coming and within a month or so i paid off £4150 from said loan which left £50 plus interrest ofcorse. Now maybe nievely i did'nt pay anything else off the loan because i thought i was o,k for a while with paying so much in one go but now thay have sent me a letter saying the debt has been moved to a collection agency for the sum of £1700. Is it just me or does that seem a lot of money for the balance left of £50 (plus interest).
Please any help would be greatfully recieved.
Many thanks,
Paul.

Welcome to the forum

It certainly sounds like a lot of money to me... what was the interest rate? Might be worth checking it out with the lender.

I'd also recommend taking out a 0% cc, transferring the balance to that to repay and then keeping a closer eye on it than you did with the loan. I'm afraid to say it might be a lesson learned the hard way.

Rafter

kani,

who was this loan with?

why did the first you know about them chasing was the money being sent to a debt collector.

I suggest you get a full breakdown of the debt and either post again for more advice or go to talk to citizens advice.

I'm sure you can't owe £1700, but there was probably some penalty for paying early and you should have checked earlier about how to pay the balance outstanding and any interest/ early settlement penalty.

R.

kani_2

Hi everybody and thanks for the advice,
I just got a break down today and there is £850 interest which is cool but there is also a charge of £1050 insurance which i never take out on anything i take so i think i have been missold the insurance, I certernly never asked for it and i did'nt even know it was on there. Does anyone think it might be an idea to contact the company and ask them to cut the insurance payment.....
p,s, the loan was with "CLOSE MOTOR FINANCE" .... Thanks for asking "Rafter".
Once again many thanks for all or any of the advice given.
Paul.
p,p,s The full amount is £2050... WOW !!!!!!