Strange Lloyds Loan Statement

MargateSteve

Has anyone else received a loan balance letter from Lloyds which does not tally up? My wife received one today that seems way off the mark!!

I am no expert in these matters having never taken a bank loan out so wondered if anyone can advise on their thoughts before the wife goes in there guns-a-blazing tomorrow!

Loan - £6,000
Duration - 60 months
Monthly payment - £167.43
Total payable - £10,045.90
Agreement signed - 21/08/07

By our reckoning that means this month was the last payment.

However, a letter came this morning that said the loan started 14/09/09 and that the balance is £3,137.18! The start date is two years after the actual start date.

As far as we know, no payments were missed (mainly as if there was not enough in the account they took it from my wife's separate savings account without warning or notification) and even if some had been missed we certainly would not have been allowed to miss 18!

Also there has definitely been no re-financing/extending or changing the terms of the loan.

Lloyds did accept a PPI claim in November last year and after changing their offer a couple of times finally settled with around £1300. The total amount of PPI was £1,640.75.

The monthly payments on the contract are £167.43

The statement they have sent has shown they have been taking £167.35 - 8p different but assume that is down to monthly adjustments.

They have also been charging interest each month varying between £61 and £80 so some months have seen almost half the payment taken in interest.

The APR on the contract is 11.9% and the Interest Rate on the statement is 22.47%.

The statement also shows a completely different account number from the one on the agreement. Both are 12 digits and start 100 but the rest is different.

If anyone can advise on any of this we would be greatful.

Thanks
Steve

miketaff1408

My advice would be to ring Lloyds and ask them.

MargateSteve

That's what we are going to do but for fear of being fobbed off or not understanding something we just wanted some advice.

the_storm_fisherman

MargateSteve wrote: »

That's what we are going to do but for fear of being fobbed off or not understanding something we just wanted some advice.

Hi Margatesteve
The payments sound fine i have a first direct loan very simular fig's i get a payment statement from them every year and at the moment it all tallys up .
all i can suggest is to check the account number of the loan is correct anyway i would query this with the bank to remove any doubt ,as it sounds like an error. or the other possiblity is how they have calculated the intrest payments but ask the bank for a year by year breakdown and that should clear up any confusion.

jonesMUFCforever

The people you need to contact are the loans section who operate the loan.
Bank staff IMO will only put you on the phone to them anyway.

MargateSteve

the_storm_fisherman wrote: »

Hi Margatesteve
The payments sound fine i have a first direct loan very simular fig's i get a payment statement from them every year and at the moment it all tallys up .
all i can suggest is to check the account number of the loan is correct anyway i would query this with the bank to remove any doubt ,as it sounds like an error. or the other possiblity is how they have calculated the intrest payments but ask the bank for a year by year breakdown and that should clear up any confusion.

The figures on our one do add up if the loan had indeed started in 2009, but the fact that it started 2 years before that is where the difference is. We will see what they say tomorrow.

jonesMUFCforever

On Lloyds internet banking site you can go back years on statements - why not look at 2009 and before to see if firstly a deposit was made (loan) into the account and when repayments were made?

MargateSteve

My wife has finally just spoken to the bank.

Apparently, she refinanced the loan in 2009. This is completely untrue as we were in a position at that time where we did not need to. Even if we did, what would be the point to save 8p a month and pay for another 3 years.

My wife is meticulous with paperwork and there is nothing to suggest any changes at any time, let alone then.

They are going to send a copy of the agreement through so will see what is on there!

Steve