ladder loans help

helpupthecreek

Hi

Been really stupid and got into a lot of debt. Am now with step change thank god. On their balance I owe ladder loans 3200 quid only borrowed 1300 when I rang they said I actually owe 3300!!!!!! I have asked them for a full statement wich they only send by email? anyway stepchange have said to have a look on here foradvice on a complaint letter. If no joy after that then to put a complaint into an omsbudman or whatever. Up to my eyeballs as this week, all advice welcome, thankyou all

Tixy

Hi

So have ladder loans sent out the full statement to you by email? You really need that first to work out how the balance is made up. If they are being difficult about sending you this information you could send a subject access request (under the data protection act) to force them to send you all information in relation to the account and a full transaction breakdown - that does cost a £10 fee though so its better if you can get them to agree to send you a full statement.

How long a term did you borrow the money over and at what APR? would the £3300 be the total amount of payments you would have had left (if you had kept repaying the loan until the end of term), i.e. including the full term interest.

helpupthecreek

The amount was over 12 months about 2200 altogether I think will know more when they send the bloody email. Does anyone have a link for a complaint letter so I know what to put I. It im dyslexic you soe, many thanks

helpupthecreek

Hi,

can anyone help me with a template complaint to ladder loans? Basically I am complaining about the massive apr they have charged me. Yes I have defaulted, but am now with stepchange who have set up a debt plan for me. Ladder Loans are now charging me nearly triple the amount I borrowed, I know they can charge some interest but surely this is too much? I am still waiting for the email statement they promised to send me I hope I will get it next week, but I would like to get a letter template ready. Please help as I can't seem to find what I'm looking for and am getting really stressed. I am dyslexic and really struggle writing a letter from scratch. Love spellchecker, lol. Many thanks to you all

DCFC79

Surely the interest would be in the terms you agreed to ?

What is it you want the letter to say ?

Do you want them to freeze the interest ?

Maybe try this in reply #2

Its a letter for credt cards but it could work for what you need.

How or why did you reort to these guys ? Do you or try to stick to a budget ?

ViolaLass

Are they charging an APR that you didn't agree to? If you agreed to it, I don't see that you would have a leg to stand on.

helpupthecreek

Thanks for the template, I will try it, it's worth a shot at least. In answer to DCFC79, I got involved with these as a result of a shopping addiction, and had been very, very, very stupid. End outcome - no husband or home, this might be sorted in a while one way or another but in the mean time I have a debt plan with step change and am generally trying hard to sort myself out, many thanks

Monkeyballs

Hi,

I have just gone to their site and can see that a loan of £1300 over 12 months is repaid at £212.03 pcm with the total amount repayable being £2544.36.

You mention you are going with Step Change? Are you entering into a DMP? What specifically have they told you as they generally have all documentation required to help you through the process so I would have thought something would have been on their site somewhere? Is this one of many debts you are seeking help with from Step Change?

You also mention that you thought the balance was £3200 but seemed surprised that the balance was actually £3300? Did you know the debt was going to be £3k+ already?

I think what is likely going to happen (assuming you enter into a DMP) is that SC will contact them making an offer of maybe £10 per month (depending on the budget you draw up) and if you're canny you may be able to save and try looking at offering a full & final settlement in a year or two's time...

MB

helpupthecreek

Hiya

I thought the end balance would be 2200 not 3300. stepchange's estimated balance for ladder loans is 3162.95 when I rang ladder loans they said it was for even more! Thats why im waiting for the email statement from them to check. The original loan was for 1300 over 12 months which just shows whyI shouldn't be allowed within 10 feet of any money over a tenner, lol. Although I am trying my hardest to change

DCFC79

At least you know the problem and are trying to change it, good luck.

helpupthecreek

thanks DCFC79, it seems I only learn when I've practically lost everything, so far in this last week I have lost my husband and home, my best friend is on a life support machine & I had to put the cat to sleep through ill health. No kidding it's been the worst week of my life. I now can only hang on to some hope my marriage can be salvaged as he is a good man and a keeper, i've just hurt him so much, this is rock bottom for me so the only way up, eh? Well I certainly hope so, thank you all for your advice