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loan insurance - ppi
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Posts: 8 Forumite
Hi all
My partner in June of last year took out a £5000 personal loan from RBS over 5 years, not realising that £1890 was added to it for insurance, making a total of £6890 He is paying this back at £190 per month. I have just looked at a recent statement of his and am astounded to see this, plus the fact that the interest is 21%. In 8 months the loan has only reduced by £400. By my reckoning by the time he has finished it will have cost over £11,000!!! surely that cannot be right. What do you guys think. He has an appointment tomorrow with the bank. This only came about as one of the bank tellers seeing that he was paying a bill on a credit card, asked if the wanted to consolidate credit card payments.
My partner in June of last year took out a £5000 personal loan from RBS over 5 years, not realising that £1890 was added to it for insurance, making a total of £6890 He is paying this back at £190 per month. I have just looked at a recent statement of his and am astounded to see this, plus the fact that the interest is 21%. In 8 months the loan has only reduced by £400. By my reckoning by the time he has finished it will have cost over £11,000!!! surely that cannot be right. What do you guys think. He has an appointment tomorrow with the bank. This only came about as one of the bank tellers seeing that he was paying a bill on a credit card, asked if the wanted to consolidate credit card payments.
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Comments
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If he did not know that PPI had been added to the loan he needs to put in a claim for mis selling.DS1 12/10/04
DS2 13/07/06
DD1 06/12/070
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