still repaying loan 18 years later

honey93bun

Hi,
My parents took out a loan 18 years ago with a company called portfolio[now first national bank] for £4,000. It was paid over 4 years, and after that time they believed that the loan was repaid in full. shortly after this they were informed that they had only been paing the interest and now had to start paying the loan. 18 years later the are still paying monthly payments to the loan, i telephoned to ask on their behalf how much the loan was outstanding and was informed the total owed was more than the original loan [now owe £5,500.] any advice would be much appreciated.
Many Thanks

graham1979_2

Consult a solicitor.....NOW

frugalpam

honey93bun wrote: »

Hi,
My parents took out a loan 18 years ago with a company called portfolio[now first national bank] for £4,000. It was paid over 4 years, and after that time they believed that the loan was repaid in full. shortly after this they were informed that they had only been paing the interest and now had to start paying the loan. 18 years later the are still paying monthly payments to the loan, i telephoned to ask on their behalf how much the loan was outstanding and was informed the total owed was more than the original loan [now owe £5,500.] any advice would be much appreciated.
Many Thanks

They are being ripped off, no doubt about that. As suggested already, see a solicitor and ideally take along original loan agreement and evidence of how much has been paid to these sharks.
This sort of thing infuriates me - hope this company can be prosecuted.

Pam

honey93bun

Many thanks for the replies, i have contacted a solicitor as sugested and will let you know how i get on.
Thanks again your response was much appreciated.

frugalpam

honey93bun wrote: »

Many thanks for the replies, i have contacted a solicitor as sugested and will let you know how i get on.
Thanks again your response was much appreciated.

Do please let us know how you got on. I really hope your parents get some justice - it sounds like they are owed a lot of money back from this company. They certainly shouldn't still be owing money on a £4000 loan, after 18 years of making payments.

All the best
Pam