Loan terms help

Asl77c

jonesMUFCforever wrote: »

With hindsight might it not have been better for the OP to have used the money paid back early to build up a savings pots for emergencies?
He could apply for a new loan to repay the old one over a longer period to reduce the monthly payment.

Thanks for your input there. I am financially stable and the money paying back was extra not doing anything. I have been able to buy my first house, fund my wedding among other things whilst making these payments so that wasn't the issue with the question although i appreciate the sentiment.

On an interesting note, having telephoned Nattiest for further discussions it has become apparent that although i have overpaid, it hasn't reduced the term of the loan and has actually reduced the monthly payments, however as i have a standing order set up rather than DD my payment stays the same.

Added to the confusion, the payment that they say i should be making monthly for the duration of the remaining 55 months, if i were to pay it i would actually end up paying back over double the remaining balance. Essentially its a massive mess and they have referred it to an investigation team to find out what the hell is going on lol :rotfl:

Asl77c

Just had a thought, being that through this whole thing, it seems that my term has not been reduced with my additional payments. As it is set out in my T&C that i signed that unless the bank received in writing that i wished for the monthly payments to decrease, it would automatically reduce the term, does this therefore mean that they have violated the terms of the contract by instead reducing the monthly payments - I never actually physically reduced the payments as i was paying by standing order not DD so the payments for myself have always remained the same. This is just a point of query, have they violated the terms of the contract?

ViolaLass

You said in the OP that the term had been reduced but you would rather reduce the payments, which they would not let you do. You then later say that the term has not changed and the payments have reduced.

Which is it?

Gaz83

More holes than a block of Swiss cheese.

Apples2

Samuel.Miginnis wrote: »

Hey. I actually work in the field of business financing. If you'd like to speak further, shoot me an e-mail SAMMYTHESCAMMINGTHIEF@GMAIL.COM

I'll let you know what your options are and, hopefully, we'll find something that matches your needs. Let me know. Take care.

Clown........:rotfl:

Asl77c

ViolaLass wrote: »

You said in the OP that the term had been reduced but you would rather reduce the payments, which they would not let you do. You then later say that the term has not changed and the payments have reduced.

Which is it?

Gaz83 wrote: »

More holes than a block of Swiss cheese.

Yes i know what i said, I would rather have the amounts reduced now as it suits me. My point is banks are quick enough to try and get all the money back if we as the consumer break the terms and conditions. I wanted to find out from a curiosity standpoint could there be a viable way out of the remainder of the loan due to their inability to follow the terms and conditions set out in their document. Also i did say that the payments have reduced, but this is not in line with what i have paid off, this would amount to me paying back double the remainder what i owe so as such something has gone wrong there. Its a major balls up on their end and does it give a get out on the remainder. I have no issues in paying what i owe, but as i said they are quick enough to come down on us for messing up, does this work in my favour?

Hopefully that clears that up...

jonesMUFCforever

If you think they will write the debt off in any way you are barking up the wrong tree.

Asl77c

jonesMUFCforever wrote: »

If you think they will write the debt off in any way you are barking up the wrong tree.

Thanks! I didn't really think it was anything feasible but thought this was the right place to ask. Not long to pay it off now and more than manageable. Thanks to all for your input, i know where to come for help in future.