Loan Rip OFF

ILW

Have you actually asked for a settlement figure?

This could be much less than the statement figure.

Tixy

amccoy wrote: »

Thank you Tixy for your replies,

I get the feeling you know what I am complaining about.

If I get the paper work how can I post it or let you read it???

I'm not sure I do know what you are complaining about at the moment - thats why its useful if you can post up the information from the paperwork.

As others have alluded to I would expect that as you have made all payments on time that a settlement figure will be less that you initially borrowed and it may not be the same as the balance shown on your statement.

amccoy

JSF23 wrote: »

In addition it is not sufficient to just say you signed, don't complain now. The terms have to be clear and transparent. If they are not it creates an imbalance in the rights and obligations of the two parties (the bank and you).

Thank you for this quote,

People are very quick to judge and what they dont realise is that they agree and sign to very lengthy agreements every day. YES the agreement you click OK to when you update your ITUNES on you I Phone, the agreement you click OK or AGREE to when you setup a new email account.

Yeah everyone forgets about that, what happens in clause 299,035,123/C on page 123,324 it says that if we want we can charge you up to a million pound.

So the point is that agreements can be as long as they want but the main thing is that the payments and the interest added MUST be clear and understandable!

Many Thanks again for you comment.

opinions4u

ILW wrote: »

Have you actually asked for a settlement figure?

This could be much less than the statement figure.

OP, please will you answer this question.

Thanks.

amccoy

Tixy wrote: »

I'm not sure I do know what you are complaining about at the moment - thats why its useful if you can post up the information from the paperwork.

As others have alluded to I would expect that as you have made all payments on time that a settlement figure will be less that you initially borrowed and it may not be the same as the balance shown on your statement.

Hi,
Hopefully my new post will maybe explain it better,

No i havent missed a payment and I think i owe a bit more than borrowed.

I did send them letters but as far as i can remember they have been very cunning not to reveal a settlement figure. I will now go and look over the paper work and if they have not given me a final figure I will write of and ask for one.

Again I imagined that i was paying capital and interest, and after 5 years I would expect to see my loan coming down with interest calculated per annum. not 20years of interest slapped on it from day one.

amccoy

opinions4u wrote: »

OP, please will you answer this question.

Thanks.

Please see above in reply to Tixy

Many Thanks

ILW

amccoy wrote: »

Hi,
Hopefully my new post will maybe explain it better,

No i havent missed a payment and I think i owe a bit more than borrowed.

I did send them letters but as far as i can remember they have been very cunning not to reveal a settlement figure. I will now go and look over the paper work and if they have not given me a final figure I will write of and ask for one.

Again I imagined that i was paying capital and interest, and after 5 years I would expect to see my loan coming down with interest calculated per annum. not 20years of interest slapped on it from day one.

It's not exactly cunning to not give you a settlement figure if you have not asked for one.

Call them and you should get it within a few days. Then decide whether you are being ripped off or not.

Apples2

A settlement figure will only be valid for about 30 days (until your next payments comes out and throws it all in the air).

This isn't difficult, it sounds like you are confusing a statement/balance with settlement, they are different.

somethingcorporate

Whilst most people can be excused from reading lengthy T&Cs over things that are financially insignificant (i.e. iTunes etc) not reading something that will costs you tens if not hundreds of thousands over many years probably is worth doing and no amount of excusing yourself does not really change the fact that you put pen to paper agreeing to a loan that works this way.

Whilst that is my preaching over you have been given good advice, get the settlement figure and come back and let us know how it goes front-loaded interest is a pain but it doesn't mean that an early settlement figure would not adjust for this fact - a statement would assume you are paying over the term and hence take no account of it.

opinions4u

amccoy wrote: »

Please see above in reply to Tixy

Many Thanks

Not being funny, but it doesn't answer the question.

Call them. Insist that they provide you with a settlement figure. Preferably verbally, but if not in writing within 7 days.

Cut the carp and just do it.