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I took out a loan in Nov 2005 and was advised by the sales man that i would need to take out insurance to get tha loan, since then i have been made aware that i was mis-advised and didnt have to take on the insurance which the premium is £735.79 and the intrest on the insurance is £575.14 making a total of £1310.93p. The amount of the loan was £4000 over 4 years. Therefore the insurance premium plus interest amounts to a staggering 32.77%.
Also on top of that the loan interest is at 38.8%apr making a grand total for me to pay back on a £4000 is £8615.52p
Im writing to enquire if there is a solution to this situation as iam now wanting to settle the account early but they are asking for a settlement figure of £4,500 when ive already paid back £1236.00 over 7 months...can they do this???
Also on top of that the loan interest is at 38.8%apr making a grand total for me to pay back on a £4000 is £8615.52p
Im writing to enquire if there is a solution to this situation as iam now wanting to settle the account early but they are asking for a settlement figure of £4,500 when ive already paid back £1236.00 over 7 months...can they do this???
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Comments
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In a word, yes they can as you've signed the agreement for the insurance and would have been advised of the 38% APR on doing so.
Do you still have all of the original paperwork for this loan?
If so, I think your best bet at first would to be to make a complaint to the loan company (which company is it?) and explain that you feel that you were missold the insurance."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0
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