oan Company asking me to increase payments

gally56

Hi I currently have a loan with a company called Speedloan to which I pay then £70 a month this week they have asked me to increase my payments to £100 a month what are my rights as i had a review with then about 3 months ago and they noticed that by now one other loan I had has been cleared and they want me to put the money I was using to pay that loan onto my Speedloan one to make up the £30 to increase my Speed loan payments to £100. I make the current payment of £70 via direct debit . Can I make a deal wiith Speedloan to agreet o the increase if they clice soem of the remianing balance back or ven stop the interest and what are their rights to insist on increase of payments. Thanks you for reading my post

jonesMUFCforever

What does your copy of the CCA agreement say?

MrsTinks

Has the original loan been defaulted and you are currently doing a DMP? If so then it would be fair for you to spilt your £30 that you now have "spare" between your other creditors pro-rata. You can't show favouritism between them if you're doing a DMP...
Of course if your original loan hasn't been defaulted then it's a different matter...

[Deleted User]

speedloan.....sigh...the name says it all really