We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
🔔 You've got till Monday to apply to become an MSE Forum Ambassador
Old Loan But Not Any More ...
Hello Everyone,
Right going back about 15 years ago i took a loan out with Lombard Direct and the fell behind with payment so it got past on to a collection company which we agreed a payment plan and from then met all dates on time, then it got past on to another company, then another company and it's just changed again and now with there interest is back near £5k after getting it down to near £3k, it seems every time it gets down it get pas on to someone else :mad::eek::(
Apart from paying it back in full is their any think else i can do ?
Right going back about 15 years ago i took a loan out with Lombard Direct and the fell behind with payment so it got past on to a collection company which we agreed a payment plan and from then met all dates on time, then it got past on to another company, then another company and it's just changed again and now with there interest is back near £5k after getting it down to near £3k, it seems every time it gets down it get pas on to someone else :mad::eek::(
Apart from paying it back in full is their any think else i can do ?
0
Comments
-
There's not much info to go on, but why do you think you shouldn't need to pay it back in full?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
-
Is it a secured loan?0
-
To be honest i can not remember now the details on the loan, might be unsecure .. i think what happen is he company puts interest on and when i have paid the interest off hey pass it on to another company to collect and put their interets on and so think this might be the 4th or 5th now .0
-
That's not how loan repayments work.To be honest i can not remember now the details on the loan, might be unsecure .. i think what happen is he company puts interest on and when i have paid the interest off hey pass it on to another company to collect and put their interets on and so think this might be the 4th or 5th now .
If you could post up some figures, that would help."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
In 2006 i got it down to £4,186.05 and now in 2010 it's £7,470.88 and i have got it down to £4,778.88.0
-
2 + 2 is equaling 4,123 here
Confused!0 -
You need to look at this in much more detail. Interest isn't added in chunks, nor paid off in chunks.
You need monthly, or at least annual, statements to understand the interest you are being charged.
Let's start with how much did you borrow, what is the APR and what was the term?0 -
If this loan has been defaulted and passed to collection agencies NO interest should be being added0
-
Would a PPI claim come in to this ?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.8K Banking & Borrowing
- 252.3K Reduce Debt & Boost Income
- 452.6K Spending & Discounts
- 241.6K Work, Benefits & Business
- 618.2K Mortgages, Homes & Bills
- 175.9K Life & Family
- 254.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards