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loan company added extra 6 payments on

wales12
wales12 Posts: 2 Newbie
in Loans
My loan company have added an extra 6 payments onto my loan as it is coming to an end, the reason they gave me was that the interest has gone up. However they also added extra on to each monthly payment when it did go up. Can they do this??

Comments

  • bengalknights
    bengalknights Posts: 5,021 Forumite
    Part of the Furniture 1,000 Posts
    If it was a fixed rate loan then no.
  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Was it a fixed rate or variable rate loan? Di you ever miss any payments or take any payment holidays? Who is the loan with?
    :p
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    I appreciate that you're a first time poster, but please provide more information about the loan agreement that you signed.

    There are some fine people here able to help answer your question if you help them to. But they're not mystical internet mind readers.
  • wales12
    wales12 Posts: 2 Newbie
    It was a variable rate loan and its with Black Horse, never missed any payments or had payment holidays.
  • geoffky
    geoffky Posts: 6,835 Forumite
    variable means they can move the goalposts...just like they have..ask them for a settlement figure and see if you can get a lump sum together.
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
This discussion has been closed.
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