Unenforceable Loan

PC_Gabriel_Kent

Does anyone ever ask about writing off an interest free loan?

BLT_2

R0bert_Sterling wrote: »

I don't understand why people get so hung up over this....

You didn't borrow £20,000 in real terms.

You asked for £20k of the banks money in exchange for a much greater sum of your own money, nearer £30k probably..... what was the apr??

The Loan agreement will say "Total Repayable...£xx,xxx.xx" Let say £28,500 for example.

The day you took the £20k to spend instantly to relieve all that stress or whatever it was for, you were £28,500 in debt... NOT £20,000

As you start making payments you are paying off a LOT in interest, and only a small amount of capital.

At the end of the loan period, you will be paying huge chunks of capital and hardly any interest.

In the example above, I don't know how long you have to go to work to earn £8,500, but you have agreed to go to work every day for that period and not get paid AT ALL.
You agreed to give it all away for nothing, in return for that lump you spent at the start.

People seem to think they borrow £20,000 and the first £200 payment should mean they only owe £19,800...... Crazy.

People don't in general look at the end figure, they look at the current outgoings, find they can save a hundred pounds a month in outgoings and assume this is a saving.

As we all know consolidation loans do not save you money, unless you are paying enormous interest, they merely extend the date at which you will be debt free. You are in essence mortgaging your soul for the forseeable future.

Perfect example was a lady on another thread who wanted to reduce her outgoings by getting a long term loan to pay off 6k of credit card debts. On the day that she signed her agreement her debt would have automatically risen to 11k,

WTTM

PC_Gabriel_Kent wrote: »

Does anyone ever ask about writing off an interest free loan?

!!!!!!, don't give them ideas


MOMENT

Clive_Woody

PC_Gabriel_Kent wrote: »

Does anyone ever ask about writing off an interest free loan?

I have just purchased a new car on 0% finance I wonder if that can be 'unenforced'?

I will have to check the document for typos, wrong colour paper, misselling, etc. Actually my wife had a baby almost a year ago, which was our second child and we only have a four bedroom house and realy could do with a bigger house so more guests can stay over, maybe a 5 bed place with an additional en-suite. Damn those banks for taking advantage of us....

Meh

BLT_2

Clive_Woody wrote: »

I have just purchased a new car on 0% finance I wonder if that can be 'unenforced'?

I will have to check the document for typos, wrong colour paper, misselling, etc. Actually my wife had a baby almost a year ago, which was our second child and we only have a four bedroom house and realy could do with a bigger house so more guests can stay over, maybe a 5 bed place with an additional en-suite. Damn those banks for taking advantage of us....

Meh

Have you considered asking them whether they will reduce the interest rate on your loan - this business of 0% APR is becoming all to common and unless we make a stand now theres a risk it could spread wider. I have appealed against the validity of one of my other loans as one of the apostrophe's was clearly in the wrong place and the margins were not set to a regular 1" from the side of the paper.

I am in the same boat as you, I have been looking to increasing the length of my swimming pool but can't find a rate lower than 0%

Clive_Woody

BLT wrote: »

Have you considered asking them whether they will reduce the interest rate on your loan - this business of 0% APR is becoming all to common and unless we make a stand now theres a risk it could spread wider.

It's the £0 set up fee that really galled me. I have written to my MP and the Queen to express my outrage and demand a refund plus a £1000 penalty in compensation for my distress.

I have proposed that they let me keep my old car as part of the part-exchange deal, but still discount it's value from the final deal. I feel this would be only fair as it is my car afterall.

I have also asked that they reimburse my travel costs to the dealership as that would be only fair.

BLT_2

Clive_Woody wrote: »

It's the £0 set up fee that really galled me. I have written to my MP and the Queen to express my outrage and demand a refund plus a £1000 penalty in compensation for my distress.

I have proposed that they let me keep my old car as part of the part-exchange deal, but still discount it's value from the final deal. I feel this would be only fair as it is my car afterall.

I have also asked that they reimburse my travel costs to the dealership as that would be only fair.

The 0% set up on the loan I was prepared to live with, my main concern is that I will be unable to actually have it declared unenforceable before I actually make the first payment.

It would really irritate me to have to make a payment in light of the shoddy attention to detail and an obviously misplaced apostrophe in the loan agreement.

I had not actually thought of claiming compensation, however now you come to mention it, I did have to walk to the postbox which will clearly have an impact on the life expectancy of my timberland boots.

Will let you know how I get on

ILW

BLT wrote: »

The 0% set up on the loan I was prepared to live with, my main concern is that I will be unable to actually have it declared unenforceable before I actually make the first payment.

It would really irritate me to have to make a payment in light of the shoddy attention to detail and an obviously misplaced apostrophe in the loan agreement.

I had not actually thought of claiming compensation, however now you come to mention it, I did have to walk to the postbox which will clearly have an impact on the life expectancy of my timberland boots.

Will let you know how I get on

If you send me the datails along with a cheque for £495.00 I will sort this out for you. I have never lost a compensation claim to date so your fee would be in safe hands. Trust me.

BLT_2

ILW wrote: »

If you send me the datails along with a cheque for £495.00 I will sort this out for you. I have never lost a compensation claim to date so your fee would be in safe hands. Trust me.

I can't find my cheque book, can I just send you cash in the post :rotfl:

ILW

BLT wrote: »

I can't find my cheque book, can I just send you cash in the post :rotfl:

That will do nicely sir, and as I like your face, on this occasion I will not be charging you any success fee. I cannot say fairer than that, can I.