loans

kkelly

Hi,

I have just been checking a loan that I took out 5 years ago and noticed in the paperwork that the amount I was told was going to be taken by direct debit is different to the amount actually being taken out. Also I was told by the representative that what I paid every month would reduce my loan. I have now found out that in fact I am no nearer paying off the loan as interest is being charged on a monthly basis.
On the agreement I have it shows the loan plus the credit charge interest added to the loan and the total amount of borrowing. Does anyone know if the company is right by charging me interest on the loan when I was told this was all in.
Any advice would be appreciated.
:T

Beast

It's going to be the agreement you signed which stands firm unfortunately. If this shows the correct figures there is no problem.

Emmzi

is it a fixed or a variable loan? sounds like it might be variable to me.

think you need to type out the credit agreement arithmetic bit for us and tell us what you have actually been paying