fair to combine debts?

mitchells_2

Hi all, wonder if anyone will be able to tell me if they think i have been had by my bank.
In 2004 i went to my bank to ask for a £10,000. loan as a deposit for a house the bank said yes no problem, great ithought nice and simple. When i went into the bank to arrange and sign for the loan the guy proccesing the application noted that i had £4000 on a credit card and £6000 on an existing loan, and although i had the means to pay all three debts monthly (ok the credit card was being paid off slowly but surely) he said the bank would only lend me the £10000 if i took out one big loan for the rest of my loans / card, to be paid off. In short i ended up taking out a £20000 loan and having one payment a month. I feel that it was a little unfair of them to do this firstly because the loan amount only had 18 months to go and was now stuck with it for another 5 years, and secondly the credit card payments were coming down i wasnt just paying off the minimum amount, but now im saddled with the £4000 balnce for the next 5 years.

Stewboy1978

Can you make overpayments on your loan?

peterg1965

That is banks pulling a fast one. To say you had to borrow more was wrong and I just wonder if the bank man earnt commission from the loan application? Did they make you take PPI too?

mitchells_2

No i was already aware that being self employed ppi was useless to me so irefused to take it out.

mitchells_2

Yes i can make overpayments but there is an early settlment penalty.