Unsecured Loan...with mistaken agreement

wannabe_super_saver

Right. Firstly, I have a headache from all this number crunching. I hate maths!

Ok, so I have a personal loan with a bank who I do not wish to disclose at this time. I have been with this bank for around 5-6 years now and I had a loan with them for the first few years. I took out a new loan last year in Jan 2009 with them and consolidated the previous loan with the new one.

I have dug out my paperwork to do all the calculations myself establish if the information on the agreement is correct or not. Also, I want to establish if there have been any breaches of the agreement by bank in relation to the Consumer Credit Act. I have been trying to figure out the APR on the loan and what EXACTLY I am paying or supposed to be paying and I am having a hard with it. So i'm just going to throw the information on here and see what you think. I have used several online loan calculators to get these figures and also to verify the numbers I have been getting.

Loan amount = £15,000
Fixed annual rate = 16.90%
Term = 60 Months
Total payable = £21,751.20

Ok, so like I said, I have done a few calculators to verify these figures. I have used a loan calculator which has given me these figures when I have used the above figures:

Amount per payment = £371.98
Total payable = £22,318.95
Total interest paid during loan = £7,318.95

Now my loan agreement paperwork states the following figures:

Amout per payment = £362.52
Total payable = £21,751.20
Interest paid during loan = £6,751.20

I used another calculator which gave me different figures again (it was 9 pence out from the amounts state on my agreement). I know that the formula used by banks is very complex and I really dont understand it.

Has anyone got the brains to figure this out?

I am hoping that I may have grounds to write this loan off using my consumer rights.

Thanks.

PROLIANT

wannabe_super_saver wrote: »

I am hoping that I may have grounds to write this loan off using my consumer rights.
Thanks.

What about the rights of the business who lent you the money in good faith?
If the bank used a loophole and turned the tables on you and found a way of making have to pay triple what you borrowed because of a loophole would that be acceptable?

I don't understand what the problem is here, you borrowed the money and agreed to the terms so !!!!!! are you complaining about?

Let me use an analogy to explain this to you;
What you are doing is a bit like sleeping with your best mates wife and then smacking him in the face!

ILW

It appears from your calculations that you may be underpaying. The bank will probably demand that you make good the difference.
As far as getting the loan written off, it aint going to happen because an online calculator is a few pence different.
Just keep making the payments like most honest people do.

wannabe_super_saver

I note what you are saying. However, if the bank has made a mistake on the paperwork then it's their fault. I'm not going to give the bank an easy time because, let's face it, they certainly won't.....and they don't!

ILW

wannabe_super_saver wrote: »

I note what you are saying. However, if the bank has made a mistake on the paperwork then it's their fault. I'm not going to give the bank an easy time because, let's face it, they certainly won't.....and they don't!

Banks give you a perfectly easy time as long as you stick to your part of the agreement.

mattlfc79

wannabe_super_saver wrote: »

Has anyone got the brains to figure this out?

I am hoping that I may have grounds to write this loan off using my consumer rights.

Thanks.

No wonder there is a global credit crunch. Did you sign the agreement?

Yes you did then you should pay up.

If on the other hand you are struggling to meet the repayments and need help then that is a different story and offer what you can but still pay them back. If the lending institution arent helping then perhaps repost. I doubt you will get much assistance if you expect to just write the debt off.

Ever wonder why taxes/ insurances are going up!

If people were honest and paid back what they owed perhaps the UK economy would still be in a strong position.

If you dont pay up they will default you and you can say good bye to credit for at least 6 years!

Sorry for ranting...... i'll get over myself

wannabe_super_saver

Ain't I popular? lol. If you saw the amount of tax and NI I pay then maybe you would understand. Maybe you already do. The way I see it, if there is an oppourtunity then I'm taking it. Call it payback. This country will stuff you sideways at any opportunity so i'm taking my money back.

I've never missed a payment, I'm in a very good and very secure job earning quite a bit. It makes me sick to see lazy bone idle scum feeding off my tax. So......i'm taking advantage because I will benefit from it.

Yes I agree that insurance goes up because of people playing the system and making false claims. I am not breaking the law here. I AM utilising my legal rights though.

So guys, say what you like and don't speak to me like i'm dishonest and responsible for the 'credit crunch'. The banks are at fault, if they got it right in the first place then these problems probably would not be as bad.

dmg24

wannabe_super_saver wrote: »

Ain't I popular? lol. If you saw the amount of tax and NI I pay then maybe you would understand.

If you earn so much why do you need to borrow money from the bank?

Get over yourself, pay the bank what you owe.

Wutang_2

wannabe_super_saver wrote: »

The banks are at fault, if they got it right in the first place then these problems probably would not be as bad.

What problem?

R0bert_Sterling

Your best bet is to employ someone to take this case forward on your behalf


Solomon Lloyd Associates Ltd, a financial services can do this for you. I HIGHLY recommend you give them a call. I am SURE they will help you out.

They can clear you personal debt, credit cards all unsecured loans for a one off percentage payment, it works like this:

You owe £20'000
you pay them SLA ltd a 10% upfront fee eg £2'000, this can be paid on your credit card which they then clear the entire debt by arguing that your unsecured loan contracts are worded so incorrectly that they are legally incorrect and that SLA can get you out of them.


Go for it, and keep us informed when you are in the clear.

ILW

wannabe_super_saver wrote: »

Ain't I popular? lol. If you saw the amount of tax and NI I pay then maybe you would understand. Maybe you already do. The way I see it, if there is an oppourtunity then I'm taking it. Call it payback. This country will stuff you sideways at any opportunity so i'm taking my money back.

I've never missed a payment, I'm in a very good and very secure job earning quite a bit. It makes me sick to see lazy bone idle scum feeding off my tax. So......i'm taking advantage because I will benefit from it.

Yes I agree that insurance goes up because of people playing the system and making false claims. I am not breaking the law here. I AM utilising my legal rights though.

So guys, say what you like and don't speak to me like i'm dishonest and responsible for the 'credit crunch'. The banks are at fault, if they got it right in the first place then these problems probably would not be as bad.

Funny the way people who try to wriggle out of paying there debts always seem to come up with weird moral justification along the lines of "I pay taxes, The banks are all at it, Benefit scroungers etc etc". Would make you think they are trying to reassure thenselves.
From the look of it the OP does not have a leg to stand on anyway and may get their returns if the banks decide to defend and then go for costs.