Abbey Loan Problems- Please Help

amyclark_2

I took out a £15,000 loan with Abbey in September 2008 to pay back my parents for the renovations I did to my house. The repayments on £15,000 was £265.50 per month. In May this year I decided to extend this loan to £20,000 and so I went into my branch to arrange this. I extended the loan and recieved a letter to say that my old loan account had been closd etc. The new payments are now £317.30 per month. In June Abbey took the £265.50 and the £317.30 out of my bank, I called and told them that they had effectively taken 2 loan payments so in effect I was making repayments on £35,000 and they refunded the £265.50. In July they also took the 2 payments, I notified them again and they refunded it so I wrote a complaints letter to Abbey and it seemed that all was resolved as they only took the £317.30 in August. However since the start of September I have been called around 50 times, recieved 6 letters and had about 10 conversations with rude people in their 'collections dept'. They are now saying I owe a £218 settlement figure. I told Abby that no-one had notified me before and the girl that I spoke to on the phone last week said I had been given the wrong information when I extended the loan and that they will keep pestering me until I pay it. All the while this is damaging my credit rating. I am 22 years old and have worked hard to keep my finances in order in the past, I'm 4 months pregnant and I feel like Abbey are bullying me to the point where I daren't answer the phone. Please can someone help me. I do not have money spare to pay this and do not see why I should if I was misinformed and also it was 5 months ago when I extended it, why have they waited till now to demand payment. I'm getting more and more stressed about it

cooltt

First thing to do is to pay what their asking you for to prevent them wrecking your credit file, you can argue with them about it afterwards.If your correct and they have made a mistake you will get it back. It is however normal for banks to mess up the process of increasing your leanding from them when they have to close of an existing loan and start a new one. I have done this a few times over the years and they always mess it up!! The people they employ are just stupid.

Also a final settlement amount is normal so chances are you do owe them the amount they want.