Fees and Interest after Loan..

johnshouse

I took out a 7 year loan approx 8 years ago for £10,000 with Purple who are now GE Money, the term of the loan has now finished and the actual amount due has been paid in full. I did have trouble through the life of the loan with late payments etc. I am now in the situation where I actually owe more than I borrowed in fees and interest. The interest is also still being charged at a ludicrously high rate. I think this loan could be with me for another 8 years...Is there any where I can try and fight this as though I would assume it's legal, it surely can't be fair or ethical........

opinions4u

Complain to the lender. Escalate to the FOS. You may or may not win.

Or ask them to accept a reduced amount in full and final settlement.

johnshouse

Thanks, I've written to them complaining, so I can then go to FOS..Just wondered if anybody else had dealt with them and had any success..

telboyo

When you say the actual amount has been paid back do you mean £10,000 has been paid back or the original loan and interest amount.?

johnshouse

Original, loan and interest including PPI all paid back in full.. I now owe Fees and interest on Fees that are actually more than I originally borrowed.. At present paying back £270 per month but only about 50% of that comes off the amount now owed because of the interest being charged..

jonesMUFCforever

Claim the PPI back?
See if this is accepted as a full and final settlement??