Some Advice please

Aggy_2

Hello,

I took out a loan in september 2005 and was forced to take PPI with it, in june 2007 I cancelled the PPI and the loan was closed and a new one opened for the outstanding balance. After a long drawn out affair with Lloyds and the ombudsman my complaint regarding the misselling of the PPI was upheld, I received a small payment which I considered to be not right so asked for it to be recalculated and both lloyds and the ombudsman agreed it was wrong and I was given the correct amount. the revised difference being £500 was not paid to me directly but taken off the loan and as i was not even consulted on this but didn't really think to much about it at the time. I have recently managed to sort out my finances and paid off the majority of my loan with one big over payment leaving two months worth of payments to go but lloyds have tacked on an early settlement charge which really annoyed me as they made an overpayment on the account without consulting me which means I would have had to pay this regardless, I wrote and complained and they have stated they have acted entirely within this rights.

surely this cannot be right.?

kind regards
Aggy.

Tixy

Probably best to repost on the reclaim PPI board for some advice.

andy.m_2

is the over payment/early payment charge not because you made a lump sum payment rather than the one they made on your behalf?

Aggy_2

thats the point of contention, would I have had to pay the early settlement charge on the loan, because according to there stand point i would've had too. There whole arguement is "if the loan is closed early for whatever reason an early settlement charge is applied". So I would have been charged for their doing something without my consent.

andy.m_2

highly unlikely, and something you could well ask them.

I would suggest that the charge is due to when you made the over payment.
When they made the over payment they wouldn't have charged you...