Mistake by loan company..

Worcsman

McKneff wrote: »

You would have had reason to do this when the first/second dd went out. To check the agreed amount had been taken out.

And what you find of interest doesnt mean other people dont, and you cant dictate who can post on these boards, least of all what they say.

Learn from it and check, check, check. We all make mistakes.

I think you've misunderstood this bokes question, I just re-read what he asked and I couldn't spot where he'd asked for how he should have behaved within the first couple of months of the DD's going out. He asked where he stood legally on the basis of the loan company demanding 5k + as his last payment.

You are dead right though, he can't dictate who replies to posts and or what they say in replies. Which is the very reason the oh-so-rightious get so very moist and excited when spotting the errors of the moral, lower classes.

I should imagine the original poster found your comment, "learn from it and check, check etc" a ray of light, near enlightenment, the most profound nugget of advice anyone could have ever handed down. Well done, I salute you, I'm sure we all do. All hail McKneff for he is indeed wise.

plumtreebabe

I think some people are being a little unkind here - OP just wants a little bit of sympathy - I can appreciate that situation even though I check my account daily. I would expect that the very least the company could do would be to wave the additional interest and agree new terms to pay back the rest over a reasonable period of time. I would be gutted if I thought I had almost finished such a long loan and then find out there was that much more to go!

wizz1664

mjm3346 wrote: »

I can understand not noticing for a month or two but not at the end of a year when there would have been £600 more in the account than expected. If you don't check you will have assumed they were taking the correct £277 out each month so now you should have over £4000 extra sitting in your account that you can pay them with and just try to get the unpaid interest charge waived.

Sorted. Thanks

Worcsman

mjm3346 wrote: »

I can understand not noticing for a month or two but not at the end of a year when there would have been £600 more in the account than expected. If you don't check you will have assumed they were taking the correct £277 out each month so now you should have over £4000 extra sitting in your account that you can pay them with and just try to get the unpaid interest charge waived.

There's a room full of you tonight, by god we are lucky. Thank god you stopped by, I myself nearly hadn't looked at my own loan agreement for 6 years up till now. Phew! Thankyou.

mjm3346

Think you are missing the point, you knew what they should be taking when you took the loan out, they were taking out less - as you never check you did not know this so the £50 each month they were not taking will have been collecting in your account and you should have enough sitting in it to pay them the shortfall (£4200) just without paying the extra interest that has arisen.

fozmcfc

I agree with both arguments, the OP pleading ignorance of the amount that should have been taken is laughable.

However, the fact that the loan company has been taking the wrong amount, they shouldn't expect the OP to come up with such a ridiculous last payment.

I would expect some sort of common ground to be found and the OP to come to some arrangement to pay whatever is agreed back.

I'm no legal eagle, but I don't think the OP is likely to get the rest of the loan written off, but the loan company must be reasonable as well.

tenmah

mjm3346 wrote: »

Think you are missing the point, you knew what they should be taking when you took the loan out, they were taking out less - as you never check you did not know this so the £50 each month they were not taking will have been collecting in your account and you should have enough sitting in it to pay them the shortfall (£4200) just without paying the extra interest that has arisen.

The amount due to be taken and the amount that actually was taken are similar enough that even if the bank statement was checked monthly it could have been overlooked.

To be honest, if I had recieved a statement saying I still owed this amount of money when I was expexcting the loan to have nearly finished, would devestate me and everyone stating the obvious and (as usual) having a go and judging is not helping the OP.

He KNOWS what he should have done now, but telling him again is not going to help him, and as for the statement that he should now have the additional £4,000 sitting in his bank account is just ridiculous. If he thought the correct money was being taken, he would then just live off the rest of his monthly money, I know I would.

Constructive advise would be welcome now I am sure, not the usual kicking someone when they are down and stating the bl eedin obvious all the time.

wizz1664

227? 277?
Its obviously an easy mistake to make, they made it.
I signed the form, They gave me the money, a month later the dd went out, and thats the way its been. Nothing more till now.
I don't expect to have to check a financial institutions work.
Anyway, I didn't come here to explain myself to anybody.
And weather the money is sitting there or not, weather I realised the mistake or not (def NOT!)
Still doesn't answer what I have asked..
Thanks for the sensible posts and any sympathy, although that wasn't why I posted!

ekkygirl

I have to be honest I would not have noticed it on my bank statement, only that they had taken it. The company set up the payment themselves so I would say they have to let you off with the interest accrued through their mistake. Ask if you can pay the difference over a year.

drbesty

I'm sure you'd notice in a second if they were taking 50 quid extra instead of 50 quid less