front loaded interest

DCFC79

OP can I ask have you done anything about this since you asked 2 years ago ?

-taff

Have you tried complaining about PPI on the loan if it was single premium? If successful, that would give you a big chunk back, or a big chunk off the debt at least.
DO NOT USE A COMPANY TO DO THIS.

Thrugelmir

saleschick wrote: »

Hi I had a 10000 loan with hfc in 2006 which I defaulted on..they took me to court and put a charge on my property but put front loaded interest on the loan..so I have now paid off the 10k but the solicitor dealing with it tells me I still have another 9k to pay is there anything that can be done does anyone know
X

You wrote on the 30-01-2012.

I rang my dmp and they advised me I was paying of a £23k debt - it was a 10k loan and the rest is interest - I advised i had no idea I would pay this amount off - If I would have known i would never have took it out

Did you think that the loan was interest free?

Why the same questions over and over?

saleschick

To be fair to the people criticising me...I have been w8n to c if a solicitor could help me..no I did not think the loan was interest free ..however I was led to believe they froze the interest,not finish paying my loan then add another 11k,maybe I'm getting confused,so if you can't help no prob...but why make someone feel worse by asking stupid questions

iolanthe07

Is w8n some sort of code or is it a typo?

antrobus

iolanthe07 wrote: »

Is w8n some sort of code or is it a typo?

Textspeak for 'waiting'.

Pixie5740

saleschick wrote: »

To be fair to the people criticising me...I have been w8n to c if a solicitor could help me..no I did not think the loan was interest free ..however I was led to believe they froze the interest,not finish paying my loan then add another 11k,maybe I'm getting confused,so if you can't help no prob...but why make someone feel worse by asking stupid questions

Unless the interest was frozen on Day 1 of the loan then you will have been accruing 28.8% APR on the outstanding balance the moment you received the money until the day the interest was frozen. Plus you'll have all the late fees and court costs as well.

Who is this solicitor you are dealing with? Did you approach them or did they approach you? What exactly are they doing for you and how much is it costing you? Have you sought help from one of the debt charities such as Step Change or CAP UK?

SnowTiger

Pixie5740 wrote: »

Unless the interest was frozen on Day 1 of the loan then you will have been accruing 28.8% APR on the outstanding balance the moment you received the money until the day the interest was frozen. Plus you'll have all the late fees and court costs as well.

Earlier the OP mentioned they took out the loan in 2006 and was taken to court in 2007, so I guess they defaulted on it almost immediately.

I doubt anyone here will be able to offer much help; at least without seeing all the paperwork.