I will be debt free, POSITIVE!

claire0788

Ok so got a phone call saying that they messed up my wages, my bank holiday pay will go in next week. I wasnt expecting it because it was an english bank holiday, but then again I work for an english company... So if it does go into my account next week and its not another mix up means Ill have an extra £60.

Quite happy about that because I owe my mum a little bit of money and I forgot to account for it. Either way I have the money.

Fire_Fox

claire0788 wrote: »

What a horrible day.

More stuff going on with the awful factors of my building.

Have looked over my docs for the windows financial agreement. I have no idea what to do about it. I feel like I was bullied into the loan and that I was missold it in the first place but I dont know what to do about it. I have checked the paperwork and its not £1000 i have to pay for early repayment of the loan (if i manage to save up almost £3000 next year to pay it off) its actually £1000 per £1000 of your loan ! So basically id have to pay £3000 on top of the £3000 id be paying to pay it off.

Did you have the windows done because the whole block was getting done, and then the factors pushed you into a very expensive loan? Has your mum managed to get them to agree to send a statement? What is the interest rate on the loan and what time period is it over according to your documents? Are you actually paying the amount per month that you agreed to begin with?

claire0788

Fire_Fox wrote: »

Did you have the windows done because the whole block was getting done, and then the factors pushed you into a very expensive loan? Has your mum managed to get them to agree to send a statement? What is the interest rate on the loan and what time period is it over according to your documents? Are you actually paying the amount per month that you agreed to begin with?

Nope windows got done because the sales man was mega pushy and convinced me that it was a great deal and the facts he told me about the loan - being able to pay lum sums - is aload of rubbish. I can only over pay to the point of overpaying the same amount as the direct debt.

Interest rate is 22. something (cant remember exactly), term of the loan is 120 months, which i said i didnt want and he said that since i could over pay then i wouldnt have the loan to this point anyway so it didnt matter (stupid i know but i was just like oh ok) Im paying slightly over each month so i dont know how this works.

I have come to the conclusion that I will not be able to pay this off and be debt free next year. The paper work says that for each 1000 i borrow and i have to pay 920 if i pay off the loan within the first 1/4 of the term. Basically meaning for the £3000 Id pay back next year id have to pay another 2760 as an early repayment charge. This just isnt possible for me to raise next year so im just going to have to continue with this loan and realise that I made a mistake and be careful in the future. Also if i make double payments and pay of the loan early that way I dont know if I will be charged an early repayment fee there either. The documents are nothing like how the man explained to me. Also the details that he filled in are incorrect, my previous address spelt wrong, the incorrect number of years I lived at previous address, incorrect amount of time lived at current address, value of house, the amount I earn and also the name of the company I work for. I gave all the correct information and he has changed them.

ElizabethJH

I really don't think that sort of Early Redemption Charge is legal?? I don't know enough to say for sure, but hoping that if you look into this further they'll be some way out of it!! I know how easy it is to get pushed into buying things - it's got to the point where I don't open my door unless I'm expecting someone! Good Luck with it all I'll keep reading hope you get some answers soon!!!

mel19632

OMG have just read about your windows and cannot believe it! How evil is this company?! I would happily ring up and shout at them for you - how long have you been paying off the windows? Sometimes companies front load the interest, so it looks like you haven't paid anything off - thats what happened with our car loan?

Fire_Fox

I bumped your thread on the loans board, so pop over and have a look as you have had another response. I think you should put the interest rate and repayments into the snowball calculator and work out what paying it off as you are is going to cost over ten years. I suspect this will be a lot more than the early redemption charges.

Then I think you should write recorded delivery and say the loan was mis-sold, I would imagine there are template letters somewhere. You might have to go to the financial ombudsman but I don't see you have anything to lose other than the time composing letters. It's very worrying that they won't give you a statement and I think that should be in your letter - do you have the date/ time of the call (phone bill) and the name of the person you spoke to?

claire0788

I have a note of the reference when i paid money to them so i assume theyll be able to trace who i have spoken to on that, I have the date and times of calls made but im almost certain that people in call centres give you false names anyway !

Ye im going to have a look at the snowball for that and i wasnt sure if there was such a thing as mis selling a loan. They have been awful. Bullying a 19/20 year old is quite shameful for a 30+ (at least man to do), also he wasnt the first guy to come out. The first man sat in my house for over an hour and a half before I said he had to leave or i would go to my neighbours to get him thrown out because he was basically saying he wasnt going to leave until i signed the papers. That is why the 2nd guy came out and explained everything in such detail (lies were clearly told in his details though and he said that the first guy had been fired since then) and got me to sign.

Fire_Fox

That does sound awful: it sounds like they have played good cop/ bad cop. :mad: If you can't find a suitable template, you can write something and e-mail it to me (remove your address obviously). I quite like writing letters of complaint and learned from the daddy of letter writers (my dad, ha ha).

ElizabethJH

It's despicable - do write a letter of complaint don't let them get away with it!!:@

DancerSupreme

They have definitely bullied you into it. I would speak to CAB or financial ombudsman about it.

The last thing you want is this financial burden - you could be well on your way to a debt free life by now if it was not for them too!!