Advice Needed On Personal Loan

wnp121

Hello There

Im A 'money Saving Newbie' And Be Grateful For Any Infomation On The Following Problem I Have:
In 2006 I Finished Paying Off A Loan Of £5000 For 5 Years. I Couldnt Always Pay My Monthly Payments On Time So I Incurred Interest Charges And £15 For Every Letter They Sent Me (which I Thought Was Scandalous As I Contacted Them By Phone!!!) I Didnt Have An Account With This Company Just A Loan. Amidst The Recent Back Log Of Bank Charge Refunds People Are Making I Wondered If There Was Anything I Could Do To Reclaim Any Of The Charges I Incurred? I Can Remember The Company But Cant Remember My Details. Any Infomation On This Matter Will Be Gratefully Received, Thanks To All Who Reply!!

Rafter

£15 for a letter is probably a bit steep but the bank is entitled to recover it's reasonable costs of administration from your breach of contract, although banks have so far been unwilling to prove what these are in court and have therefore paid up in full.

The extra interest you paid is totally allowable though - if you ended up borrowing more money for longer then you should pay more interest.

You should write to them and ask them how much you paid in penalty charges in the last 6 years and then start a claim if you think it is worth it.

R.