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any advice
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[Deleted User]
Posts: 0 Newbie
i probably know the answer but here goes anyway,
i am currently with pay plan and the largest debt is an unsecured loan with Bank of scotland which has been sent to Blair oliver and scott their debt collection agency.
the loan was originally for 11k but due to interest the total amount outstanding is around 15K, does the interest become part of the debt??? its just because i have a smaller loan of 1k and the interest certainly at first sight does not appear to be part of the loan, any advice appreciated, it seems strange that credit cards interest can be frozen but loans arent
any advice appreciated
douglas
i am currently with pay plan and the largest debt is an unsecured loan with Bank of scotland which has been sent to Blair oliver and scott their debt collection agency.
the loan was originally for 11k but due to interest the total amount outstanding is around 15K, does the interest become part of the debt??? its just because i have a smaller loan of 1k and the interest certainly at first sight does not appear to be part of the loan, any advice appreciated, it seems strange that credit cards interest can be frozen but loans arent
any advice appreciated
douglas
0
Comments
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Loans and credit cards can be frozen but it's at the discretion of the lender. There is nothing that says they have to freeze interest just because you're on a payment plan unless it's an IVA. RBOS have obviously decided they don't want to. The interest is part of the debt, sadly.
The good news is that now its been passed on to the debt collectors, RBOS won't be putting any more interest on.0
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