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is this legal??
ok for the past 6 years i have been paying the hfc bank via their restons solicitors £75 per month it comes out my wages which then i also get charged £1 every month so i come home to day to find out that a statement been sent from hfc bank stating i owe now 1,623.91 happy days i call restons thay say i owe nearly 8.5k the original loan was only 7495 how can they charge me more than what i borrowed??i am so !!!!ed off now can anyone help
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Comments
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Probably something to do with late payment charges, fees and interest when you originally defaulted.
If you have been paying £75 per month for year years that is £5,400 in payments.
Unfortunately the monthly interest payment on a £7,500 loan even at 10% is £62.50 which might mean that your £75 payment hasn't even covered the interest let alone made a dent in what you owe.
Sounds like HFC have suspended interest on your account though - so fingers crossed you really have paid most of it off.
R.Smile
, it makes people wonder what you have been up to.0
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