Loan charges

adrienne_powell

we took out a loan with black horse loans for a sofa with dfs -the two years interest free credit then we wallop you with really high interest rates -by now we should oew them approx £130 max -but due to the charges they add for returned direct debits we owe them over £600 (approx £500 in charges) can we contest these along the lines outlined on the pages re bank charges?? I will happily give them a cheque tomoorw for the outstanding amount on the loan - but I am not paying the extra £500 charges!??

tom188

Why were the direct debits returned unpaid? were you unaware they would start taking the money? Who has charged you, your bank or black horse? Probably better to ask about reclaim on the reclaiming bank charges board..

Generally when taking one of these deals you must pay back within the alloted interest free period. You get absolutely hammered with interest once the period expires.

adrienne_powell

The direct debits were returned due to insufficient funds in my OH account - our fault, I admit - but £50 per bounce is ridiculous!

_Andy_

I disagree- you signed the loan agreement then missed payments.

jonesMUFCforever

Am I right in thinking then you have had 10 bounced payments ??
The terms and conditions of your credit agreement will have details of what happens if you miss a payment.

jamesd

Contract law applies, so yes the charges have to reflect their actual costs for your breach of the terms. You might try offering them 10 per breach.