Loan ending but still owe money

chesky369

Didn't you notice that the amount going out of your account each month was less than it should have been?

RobertoMoir

Emmzi wrote: »

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

I think this is the fair solution. While the lender is obviously responsible for their error, some responsibility has to attach to the borrower for shrugging their shoulders instead of dealing with the error themselves.

jason1231972

chesky369 wrote: »

Didn't you notice that the amount going out of your account each month was less than it should have been?

I bet they would have noticed if it was more than it should have been!

Gordon_Hose

I suspect you'll just carry on paying it until it is paid off. Regardless of the documented end date.

mogcoles

I'd like to thank people for their comments. However, this was a genuine error on my part. If I had realised before then yes of course I would have corrected it. I would rather much be debt free in July rather than be paying an additional year to 18 months that will now be added to the loan term.

Gordon_Hose

You don't really have much choice. Genuine mistake or not, the money needs to be repaid.

somethingcorporate

How is £20 a month underpayment for 3 years leave £1,700 outstanding? That's about £1k higher than I expect it to be.

Gordon_Hose

£23 underpayment for 36 months is £823. So £1700 does sound high, even with two more payments to go.

KingElvis

Vultures like FLM who pick over the financial carcass of the uncredit-worthy will always get what they are owed.

I can't really see why you didn't give them a bell when you realised they were not taking the agreed amount every month?

Good luck anyway.

mogcoles

KingElvis wrote: »

Vultures like FLM who pick over the financial carcass of the uncredit-worthy will always get what they are owed.

I can't really see why you didn't give them a bell when you realised they were not taking the agreed amount every month?

Good luck anyway.

Hi King Elvis

Thank you for comment. As I stated earlier I didn't give them a bell when I realised they weren't taking the right amount as I have only just realised.

Ditto about your comment about FLM !