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Was I duped into or mis-sold a loan?
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SilentClown
Posts: 5 Forumite
2sides2everystory suggests posting this in this forum., so here goes it.
Up until last year, I had over £7500 on my LloydsTSB Airmiles credit card. One of the bank managers said I can have a loan to pay off the credit card, and as the loan will be debited from my account every month I wouldn't have to worry about going into the branch every month to pay for it. After viewing my balance on my loan last night, I checked the APR on the paperwork. It is said it has over 22% APR compared to the card that has 15%APR. When I was sold the loan he said I would be better off having a loan to pay off the card. Whereas I was paying £200 on the card to bring down the balance, I am now paying £183 a month over seven years. Is there any way I can claim back or switch the loan to someone else that has a lower APR?
He said the CC interest rates will go up, and he compared and assured me that with a loan there will be a fixed term of paying off the loan compared to the credit card which could go on for an X number of years.
So, I trusted him and took onboard his advice, part of which was that CC rates will go up over the years.
Up until last year, I had over £7500 on my LloydsTSB Airmiles credit card. One of the bank managers said I can have a loan to pay off the credit card, and as the loan will be debited from my account every month I wouldn't have to worry about going into the branch every month to pay for it. After viewing my balance on my loan last night, I checked the APR on the paperwork. It is said it has over 22% APR compared to the card that has 15%APR. When I was sold the loan he said I would be better off having a loan to pay off the card. Whereas I was paying £200 on the card to bring down the balance, I am now paying £183 a month over seven years. Is there any way I can claim back or switch the loan to someone else that has a lower APR?
He said the CC interest rates will go up, and he compared and assured me that with a loan there will be a fixed term of paying off the loan compared to the credit card which could go on for an X number of years.
So, I trusted him and took onboard his advice, part of which was that CC rates will go up over the years.
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Comments
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you posted more or less the same yesterday..didn't you like the replies you got?0
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Perhaps the bank manager suggested that it would help your cash flow?Original Mortgage Debt - £130,330.
Current Mortgage Debt - £116,605.
2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
Original Loan Debt - £6,000. Current Loan Debt - £3,500.
Original HP Debt - £1,000. Current HP Debt - £240.0 -
Are there any early repayment fees. You could pay off the loan and not pay the significant amounts of interest. But no, it doesn't sound like you have been mis-sold or duped! Did he say that the loan would be 10% APR and would finish in 5 years?0
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