Black Horse Secured Loan

clarkysrt

Hi new here so be gentle!!
I took out a Loan in August 1999 with then Cedar Holdings over 180 months.
This was later transferred to Black Horse. The Loan was secured on my home and I have never had a late payment or missed any payments.
This weekend I remembered I was still paying the Loan and dug out the paperwork and with my minimal maths skills I worked out it should have finished last July.
I have just got off the phone with Black Horse and although they tried to fob me off they were scrambling for an explanation.
There explanation is that on our original documents we signed the forms agreeing to them being able to vary the term, but this agreement was with Cedar Holdings and I have the original paperwork and there is no mention of being able to extend the term only the interest rate. I explained that I had the original paperwork and this stopped them in there tracks. They then said that they had a letter signed by me in 2008 saying I had agreed to the change in term (I have not signed any form) They said the term had increased because of an interest rate change, which yes my payments went up from that date, but are they implying that they have back dated the rate back to 1999? even then it only works out 3 extra months and how would they be allowed to do that without my written consent. When I said I had not had any correspondence to that effect they again started mumbling. Now they are saying they can do it as it is in my terms and conditions.
I explained that I am not happy and wanted a full explanation from them. they replied that the loan ended next month, but being the wag that I am I said yes but not if you decide to increase the term again!!
Finally they asked what I wanted to happen to resolve this issue and they will call me back later today.
This is where I need help. Have I got any basis to ask for compensation or are they entitled to at will alter my term without informing me.
I am on hold to them now so this could be fun.

stator

They can't backdate interest no, so if they increased your interest rate in 2008 then it only applies to the loan balance from that point.

Clearly they should have informed you if your interest rate was changed, but you can't easily prove that they didn't. You could send them a Subject Access Request for all details relating to your account, it will cost you £10 but they should send you all the paperwork they have, so it might show that they sent you a notification of the interest rate change or not.

Have they been sending your annual loan statements?

andyfromotley

As above,

when you took it out they will have told you how much you would have to pay back in total.
Any change in this and they would have sent you new details about rates period and how much in total you would pay them back.

If the maths doesn't add up then they owe you back what you have overpaid them, possibly something by way of compensation?

clarkysrt

Thanks for reply
They have sent sporadic statements the last was in 2013. On it it still states the term is 180 months.
I have had a brief conversation with their complaints department and they asked what I would look for to resolve this!! They said they would investigate further and get in contact.
I told them that I have paid bank charges as I was overdrawn because they kept taking money that I did not expect to be paying.
I do not want to push them to far but I feel they have behaved like small time Loan sharks, Changing the term and details of the loan at there will.