Loan enforcable?

eggdrive

I have a loan running for 5 years. The agreements has divided the total amount lent by 60 months to come up with the monthly repayment. Even though the interest is 7.9% they haven't factored the interest into the monthly repayment.

The loan agreement I have isnt dated or signed by either me or the bank.

Is this enforcable?

If not, how do I go about not paying the rest back without affecting my credit rating?

Any help greatly appreciated.

Thanks

Apples2

Stop paying immediately.

Ignore any calls, there is nothing they can do.

Start partying, you have just walked away with thousands of pounds and there is nothing they can do!!

Locky sod.

kai666

eggdrive wrote: »

I have a loan running for 5 years. The agreements has divided the total amount lent by 60 months to come up with the monthly repayment. Even though the interest is 7.9% they haven't factored the interest into the monthly repayment.

The loan agreement I have isnt dated or signed by either me or the bank.

Is this enforcable?

If not, how do I go about not paying the rest back without affecting my credit rating?

Any help greatly appreciated.

Thanks

But you happily took the money?

And wanting to do it without destroying your credit rating, nothing like wanting your cake and eating it! Of course they will destroy it.

Has anybody actually got their loan written off yet?

eggdrive

This loan has already been running for 3 and a half years before I realised the amount of payments left wasn't going to clear the outstanding balance. Upon checking the documentation I was given at the tme, this is what I found.

If it is going to destroy my credit rating I might keep paying it, but I am curious what will happen at the 'end' of the loan when there is still the interest to pay after 60 repayments have been made...