have I been mis-sold loan?

cmb001

Hi

Last year I took out a loan for £1000 to be paid over one year. When I took out the loan I was told I must make MONTHLY payments as stated on signed paperwork. But when the loan was forwarded to me I was told (over the phone) that I must make WEEKLY payments. I needed the loan and could not refuse. I have been making weekly payments which are up to date since even though I signed up for monthly payments.

Have I been mis-sold?

If so what can I do?

I did speak to the company and they told me that I would have only get the loan on weekly repayments as I ' get weekly paid from my job '.

Pixie5740

No, you haven't been mid-sold a loan. You saw the paperwork said weekly and you still went ahead and took the loan and presumably spent the money. The time to question it was at the start when you saw that you had to make weekly payments instead of monthly payments.

[Deleted User]

Do define mis-sold if you are paid weekly

Some of the utilities Co's were dreadful when I was weekly paid... like they couldn't comprehend it at all and infact added extra for the privilege so I'd wish you luck as a loan co could do the same, although wasn't my experience with one as I think I played it well, well kinda but I wonder if that is what has happened here? Do you more mean you've had extra charges?

cmb001

Thanks for response.

The paperwork says Monthly payments. Yet I make weekly payments-there is no paperwork to request weekly payments. Loan has 12 more payments before it's fully repaid.

cmb001

Am not charged any extra but one monthly payment would have been easier to budget for.

DCFC79

The time to have rejected it or questioned it further was at an earlier stage.

Who told you it was weekly payments ?

Pixie5740

cmb001 wrote: »

Thanks for response.

The paperwork says Monthly payments. Yet I make weekly payments-there is no paperwork to request weekly payments. Loan has 12 more payments before it's fully repaid.

If the paperwork says monthly payments then that's what you are contractually obligated to pay, not what some half wit at the end of the phone has told you. I should add that I'm no legal expert but I would go by what the contract says and I would contest any fees or charges the loan company whacks on if you start paying monthly.

PeacefulWaters

Sounds like Provident style door to door.

macman

You said the loan was taken out last year-when last year? You are therefore at least four months into it, maybe more-why have you waited so long to raise the issue?

Caz3121

cmb001 wrote: »

Am not charged any extra but one monthly payment would have been easier to budget for.

I would have thought weekly payments when getting paid weekly would have been easier but I assume you have other payments that are due monthly affecting some weeks outgoings, in cases like that when you have difficulty budgeting it may be worthwhile having a separate account for your bills where you transfer amount from your wages and run all you direct debits from

CHR15

It's obviously a loan for someone with a history of not repaying debt with an APR to match I'm sure.
This is demonstrated by your post of mis selling or in other words, a desire to stop repaying your loan.

I really can't see the problem, you get paid weekly so pay for your loan as soon as you have money in the bank.
If you repaid Monthly, you would have spent 75% of your monthly income so it would be very unlikely someone in your position would have enough to make the repayments at the end of the month.

How is it easier to budget for repaying Monthly when you are paid Weekly?
You would have to save 25% of the repayments every week (that means not spending it, no matter how desperate you are for whatever it is you buy).