Can I claim back Interest on Bank Loan..?

curly_suz_

Hi,

Looking for any kind of help anyone has to offer.. I am new to the forum and appreciate any sort of advice going..

Here is the story... My Boyfriend took out a £5,000 Bank Loan in 2008. He has paid every month since, the agreed amount, but looking at his loan papers, the amount of interest he is paying is crazy. :mad:
He is nearly paying back double the loan amount. The Loan was taken out well before we started going out so trying to help him get this paid back as soon as but wasn't sure if he had a case for claiming anything back..?

Can someone please point me in the right direction..

We have a copy of the original papers and for the amount he's paying each month £110, he's paying around £70 interest..:eek:

Hope this is enough info..

Thanks

somethingcorporate

On what basis?

On the fact it's high interest? That is no reason to "claim" anything back I am afraid.

Did he have PPI? that may be an option.

What was the APR on the loan? Taking any kind of lending over a long period of time often means you pay £1 in interest for every £1 borrowed - my first mortgage was something like £2.21 for every pound borrowed over its lifetime.

curly_suz_

APR is 20.3%.. Someone told me to claim back the interest but i wasnt sure how this would have worked. I have checked for PPI and doesnt look like there is any..

I just wanted to make sure, thanks for your help

DevCoder

Sorry, but it sounds like you have no complaint.

Mara69

Good grief - person takes a loan, we can safely assume he is over the age of consent and vaguely intelligent. Why on earth do you think he would be 'entitled' to claim the interest back? He agreed the high APR - he has to pay.

opinions4u

Who's that trip trapping over my bridge?

Apples2

curly_suz_ wrote: »

Someone told me to claim back the interest but i wasnt sure how this would have worked.

It wouldn't have (worked).

That "someone" is toying with you to make you look stupid or is a simpleton himself

Sparx

What made you think you could be able to claim back the interest on a bank loan?

cos_2

Who's the lender? I took out a loan in the same year and the APR was 7.5%, so I'm a bit concerned about the rate.

cos_2

opinions4u wrote: »

Who's that trip trapping over my bridge?

You cheeky monkey

chanz4

These are all wrong, send a letter to the lender stating you feel the intrest is unfair and not treating your bf fairly.

Also you must enclose a £10 postal order/cheque made payable to reclaims team