Was my loan missold?

_Andy_

tinkerbell28 wrote: »

Holy !!!!!! that's daylight robbery!

Well it's not, is it?

OP asked for a loan, was offered one, accepted it.

Just because something is priced higher than something else doesn't make it 'daylight robbery'.

27col

_Andy_ wrote: »

Well it's not, is it?

OP asked for a loan, was offered one, accepted it.

Just because something is priced higher than something else doesn't make it 'daylight robbery'.

Not 'daylight robbery', more a case of 'daylight stupidity' for accepting the loan at that rate.

JuicyJesus

I find it incredibly hard to believe that Halifax cannot offer a settlement figure for a personal loan.

Although, if they calculate and apply interest monthly, as opposed to frontloading at the start, it's entirely possible that just paying off the balance owed will clear it, so the balance + accrued interest IS the settlement figure. I have a loan like this. But I'm not Halifax. That is a question to ask them.

Anonymous_m

JuicyJesus wrote: »

I find it incredibly hard to believe that Halifax cannot offer a settlement figure for a personal loan.

Although, if they calculate and apply interest monthly, as opposed to frontloading at the start, it's entirely possible that just paying off the balance owed will clear it, so the balance + accrued interest IS the settlement figure. I have a loan like this. But I'm not Halifax. That is a question to ask them.

I have asked them but they say that it will be on the welcome screen of my online banking. When I tell them it doesn't show up they say it's temporarily down and will be displayed soon but it hasn't shown for at least a year, possibly two years. All I get is my two accounts, an online savings account, two offers for the ultimate reward account (which they said in branch I won't get all the £300 interest free overdraft feature), my share dealing account and now my credit card.

After I was told that Halifax won't allow me to have the £300 overdraft limit on the ultimate reward account and I could only have the current £10 overdraft which I wouldn't use any way. I recently received a letter from Halifax saying I was preapproved for a credit card, this morning I got a letter saying my credit limit on my new card is £3,500 which is based on my credit score.

It seems that Halifax's loans and overdraft department has different information to credit agencies. I have a total credit limit on my credit cards of £14,100 and because I pay the Capital One bill in full I get paid through cash back.

I was surprised Halifax gave a limit of £3,500 because I was told Halifax wouldn't lend me any more than they already have. For a starting credit limit it is the highest I have ever got, Capital One gave me £500 (in approx. Oct 2012) at the start then increased it to £1,500 after the increased cash back period ended. Barclaycard started at £1,000 (in approx. Feb 2011) then increased to £1,500 then £3,000 and recently £6,000.

Tiddlywinks

Anonymous_m wrote: »

I have asked them but they say that it will be on the welcome screen of my online banking. When I tell them it doesn't show up they say it's temporarily down and will be displayed soon but it hasn't shown for at least a year, possibly two years.

You've been waiting for "possibly two years" to find a settlement figure?

You're not really being honest with us are you?

whitewater_2

to get a settlement figure for this you will have to use the loans contact number, the simple reason for this is your loan pre-dates the merged lbg computer system so the branch staff dont have access to the settlement figure, a quick call to the customer service team with your 7/ roll number and you will be sorted.

the reason it doesnt show on your online is again it pre-dates the merged systems, hence why is disappeared in 2011 from your online banking. A letter to this effect was sent to all customers affected outlining this 3 months before it happened.

If you credit scoring has improved it may well be worth booking an appointment with one of the banking consultants to look at debt consolidation. A loan at a lower rate to re-pay the existing loan is possible if the loan is over 12 months old.

Fishingtime

Anonymous_m wrote: »

The interest was higher than the loan but I was planning to pay it off within a year,


.

You took the loan out in 2010 and were planning on paying it off within a year.
It is now 2013 and you have hardly paid anything off it and now you are trying to get out of paying it.

Just be a man for once in your life and pay what you owe

ILW

have you actually asked using the term "settlement figure"? Sounds like a bit of confusion going on.

opinions4u

This is idiotic.

Anonymous_m

whitewater wrote: »

to get a settlement figure for this you will have to use the loans contact number, the simple reason for this is your loan pre-dates the merged lbg computer system so the branch staff dont have access to the settlement figure, a quick call to the customer service team with your 7/ roll number and you will be sorted.

the reason it doesnt show on your online is again it pre-dates the merged systems, hence why is disappeared in 2011 from your online banking. A letter to this effect was sent to all customers affected outlining this 3 months before it happened.

If you credit scoring has improved it may well be worth booking an appointment with one of the banking consultants to look at debt consolidation. A loan at a lower rate to re-pay the existing loan is possible if the loan is over 12 months old.

When I have asked for the loan settlement figure it almost £1000 higher than the amount I borrowed and they said that is what it's displaying.

When the loan did show up on the online account it was meant to be able to click on it for more information but it didn't work, I was told it was a temporary glitch and will work soon and when I've mentioned it before they always say there is a technical glitch and it will display soon.

I had a meeting with someone last year in the branch to see if I could increase the monthly payment to lower the term so it would end in about 2 years but they said I would need to get a new loan, they said that although I am almost in the top of the scores the computer was saying no.

Fishingtime wrote: »

You took the loan out in 2010 and were planning on paying it off within a year.
It is now 2013 and you have hardly paid anything off it and now you are trying to get out of paying it.

Just be a man for once in your life and pay what you owe

When I went in the branch to get the details to pay it off they said I couldn't as I had agreed to a 7 year loan

ILW wrote: »

have you actually asked using the term "settlement figure"? Sounds like a bit of confusion going on.

I have asked for the settlement figure but they say the only figure they're getting is the one telling me how much more I will pay by the end of the loan.