Loan ending but still owe money

mogcoles

Hi I took out a 36 month guarantor loan with FLM which is due to finish july 2012. I haven't missed a payment but there will still be about £1700to outstanding. Am I liable as the agreement was 36 months and paid by direct debit so they controlled the monthly payment. Any advice before I contact them would be great. Thank you

malkyh

What do you mean they controlled the monthly payment?

camuk81

Excuse my ignorance but was this for a car of any type?

CLAPTON

what were the terms of the loan?

jason1231972

malkyh wrote: »

What do you mean they controlled the monthly payment?

What I read from it is that an incorrect (too low) monthly payment may have been collected for the duration, meaning that the loan 'term' is paid off, but the balance isn't.

But it's all obviously FLM's fault, they 'control' the payment, dammit!!

mogcoles

Hi

I took the loan out to consolidate. They controlled the payment in that it was being paid by direct debit, not standing order. They agreed on the form that I signed that they would take about £154 a month but have only been taking £131. So I think that the fault is down to them, but obviously want to be really clear on this as I don't want the default to go to my guarantor.

iolanthe07

Why did you not alert them to the fact that they were taking more than £20 each month less than you agreed? It is as much your responsibility as theirs to make sure the terms and conditions of a loan are correctly applied.

malkyh

mogcoles wrote: »

Hi

I took the loan out to consolidate. They controlled the payment in that it was being paid by direct debit, not standing order. They agreed on the form that I signed that they would take about £154 a month but have only been taking £131. So I think that the fault is down to them, but obviously want to be really clear on this as I don't want the default to go to my guarantor.

So they have been taking £131 a month for 3 years instead of the £154 you signed for. Did you contact them to question this or just ignore the fact that the amount has been wrong for 3 years?

mogcoles

Hi - I didn't even think about it until I pulled the paperwork out the other day when I realised the loan would finish this July. Then when I looked at the website account saw that there was a big underpayment would left in July

malkyh

Have you contacted them about it?

Emmzi

If they are fair they will not charge interest on the underpayment but you still need to pay it.