Repaying a loan early

frugalpam

Hi - hope someone can please help!
I had serious financial problems a few yrs back, and my bank wouldn't increase my overdraft. Being desperate, I took out a small loan with Citifinancial, at an exorbitant rate of interest (I can hardly believe it was legal, with a 33% APR)
Anyway, thanks to getting a big tax refund, I can now clear the debt. I asked for an early settlement figure, and having given me the figure I asked them for a breakdown of how they reached the figure. I'm exactly half way through a 36 month agreement.
They refuse to give me a breakdown of how they worked out the paltry interest refund. Do I have a legal right to that breakdown, and is there some legislation I can quote? Does this fall under the Data Protection Act, or some other act?
My next step is going after Natwest for a refund of bank fees - that'll clear my overdraft.
Any advice much appreciated.

Pam

frugalpam

ukpam2000 wrote:

Hi - hope someone can please help!
I had serious financial problems a few yrs back, and my bank wouldn't increase my overdraft. Being desperate, I took out a small loan with Citifinancial, at an exorbitant rate of interest (I can hardly believe it was legal, with a 33% APR)
Anyway, thanks to getting a big tax refund, I can now clear the debt. I asked for an early settlement figure, and having given me the figure I asked them for a breakdown of how they reached the figure. I'm exactly half way through a 36 month agreement.
They refuse to give me a breakdown of how they worked out the paltry interest refund. Do I have a legal right to that breakdown, and is there some legislation I can quote? Does this fall under the Data Protection Act, or some other act?
My next step is going after Natwest for a refund of bank fees - that'll clear my overdraft.
Any advice much appreciated.



Pam

Can anyone help please? I posted this several hours ago, but no-one has replied.

wiggly

Hiya

I don't have any advice for you but don't worry, someone will be along soon enough to help Its always a bit quieter on a saturday night

frugalpam

wiggly wrote:

Hiya

I don't have any advice for you but don't worry, someone will be along soon enough to help Its always a bit quieter on a saturday night

Thanks Wiggly But it looks like no-one can help with this question. Very disappointing as I really need to know what rights I've got.

Pam

joughtib

Firstly, try a call to Consumer Direct on 08454 040506, and see if they can help today. Otherwise, try a call to your local Citizens Advice Bureau in the morning. They will be able to give advice on what you can do.

HTH

frugalpam

joughtib wrote:

Firstly, try a call to Consumer Direct on 08454 040506, and see if they can help today. Otherwise, try a call to your local Citizens Advice Bureau in the morning. They will be able to give advice on what you can do.

HTH

Sensible advice - many thanks! I've so angry with them, I haven't been able to think straight.
Pam