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Professional studies loan
stavros1981
Posts: 59 Forumite
in Loans
Not looking for one!!
Just wanted to post quickly about the topic.
In 2003 I took out a professional studies loan with a high street bank. I have never missed a payment or been late with a payment. My loan was due to end this coming January.
In June of this year I multiplied the loan amount by the remaining payment and came out with a shortfall of £500 that I would owe.
I called the bank and after much confusion, was tole that I was due to have a review over interest and repayment on a yearly basis and had not had one! this meant the shortfall was around the £500 i mentioned.
I eventually spoke to the correct person who recognised that the Bank had been at fault and that they would write a letter of apology and in december would look at my loan and write off the existing monies.
Today I received written confirmation my loan repayments were complete and that I had monies coming back to me - deposited for overpayment on the loan.
The point of my whole post is to make sure that if you have a loan such as the one I had, ensure you get the yearly review. I was lucky to have recognised the shortfall and addressed it. I bet there are others who encounter this and at the end of their loan worry endlessly - so check!
Dont confuse my post with that of Balloon (?) payments as there was no such payment attached. the interest was variable but the bank never altered my repayment amount.
Also, just wanted to to post to celebrate the end of my £12,000 loan to get my Masters!! :j:beer:
Steve
Just wanted to post quickly about the topic.
In 2003 I took out a professional studies loan with a high street bank. I have never missed a payment or been late with a payment. My loan was due to end this coming January.
In June of this year I multiplied the loan amount by the remaining payment and came out with a shortfall of £500 that I would owe.
I called the bank and after much confusion, was tole that I was due to have a review over interest and repayment on a yearly basis and had not had one! this meant the shortfall was around the £500 i mentioned.
I eventually spoke to the correct person who recognised that the Bank had been at fault and that they would write a letter of apology and in december would look at my loan and write off the existing monies.
Today I received written confirmation my loan repayments were complete and that I had monies coming back to me - deposited for overpayment on the loan.
The point of my whole post is to make sure that if you have a loan such as the one I had, ensure you get the yearly review. I was lucky to have recognised the shortfall and addressed it. I bet there are others who encounter this and at the end of their loan worry endlessly - so check!
Dont confuse my post with that of Balloon (?) payments as there was no such payment attached. the interest was variable but the bank never altered my repayment amount.
Also, just wanted to to post to celebrate the end of my £12,000 loan to get my Masters!! :j:beer:
Steve
0
Comments
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I don't have one of these loans, but congratulations on paying the 12k off!52 week money challenge £1/13780
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