Loan Charges

Mrwenger

I have a loan for 6500 which runs till 2011
I never missed a payment for the 1st year but i asked to change the direct debit date which they said they did.

There was 4 months that were not paid due to the DD, I have never disputed that i owed this money and that i would pay it at the end of the loan but they told me i could not do this & would need to pay it now.
they have added quite a few charges now and i have not missed any other payments since the problem with DD.

What is the best way to deal with this?

Many Thanks

stephane_2

They cannot just add missed payments at the end of life of the loan...that would be too easy. They will probably charge you fees but as well interest on those missed payments until you pay for them. A solution would be to see if you could increase your monthly payments for the next few months to cover the one you did not pay. Not even sure they would agree to that. At the end of the day, DD or not it is your full responsibility to ensure that DD go through, you should have put money aside to cover...

CHR15

I agree, the DD money was supposed to come out of your account, so you must have £xxx extra when the payment failed to be taken.

Couldn't you have paid it immediately when you realised the money hadn't been taken?

What has happened to the 4 Months worth of DD which weren't taken?
You could try to negotiate with them as there has been failings on both parts.

PNPSUKNET

You seem to owe a lot going by your other posts and difficultys, maybe worth been straight

Mrwenger

I fully agree that it is my responsibility!!
But i was not aware that the money was not coming out until they contacted me of which then i had enough to cover about 1 and a half of the payments which i paid.

They are sending me my full statements and everything to do with the AC but i changed the DD date as i had a new job and have been living close to the edge ever since,but im pretty !!!!ed with myself for not noticing and for them saying yeah we changed it but didn't!!!

Mattchew

Mrwenger wrote: »

I fully agree that it is my responsibility!!
But i was not aware that the money was not coming out until they contacted me of which then i had enough to cover about 1 and a half of the payments which i paid.

They are sending me my full statements and everything to do with the AC but i changed the DD date as i had a new job and have been living close to the edge ever since,but im pretty !!!!ed with myself for not noticing and for them saying yeah we changed it but didn't!!!

Although it is your responsibility to check the DD has left your account, if they have made a clerical error in the processing of the DD amendment, they are at fault. What I would recommend is a SAR so you have some form of documented proof that they recieved contact from your to amend the DD.

Then once you have this - approx 40 days, issue a formal complaint on the back of this requesting - all charges be paid back in full, with any interest owed and that you be given the option to make up the 4 missed payments by cheque, postal order, or debit card payment, over an agreed repayment period of 2 - 4 months (that's in addition to your normal monthly amount). They must adhere to the treating customer's fairly policy and if it is their error, then they must ackwoledge fault.