Advice needed for newbie!

Lawright5666

Apologies if this is on the wrong board, but I'm looking for some advice regarding a loan I took out for some fitted wardrobes from Betta Living 3 years ago. According to my credit score I still owe over a thousand pounds! Can anyone pont me in the right direction to investigate this - they told me I would have it repaid in 18 months!

[Deleted User]

How much did you borrow? how much per month have you been re-paying? and what was the APR on the loan?
Without details we can't help.

Lawright5666

Hi, I borrowed £1519.00 and pay £30.23 a month APR 19.9% - which I realise now wasn't going to cover the debt in 18 months - but when you've got the salesperson at your house giving it the hard sell you believe them when they tell you it'll soon be paid..

Lawright5666

Still owe £1093.00

:-(

B_G_B

Lawright5666 wrote: »

Hi, I borrowed £1519.00 and pay £30.23 a month APR 19.9% - which I realise now wasn't going to cover the debt in 18 months - but when you've got the salesperson at your house giving it the hard sell you believe them when they tell you it'll soon be paid..

Back of fag packet calculation, with the figures you have given. Loan term is approx 9 years i.e., 108 months.

Lawright5666

Not what was implied at the time of taking out the loan, but I guess as it was the 'designer' that sold me it I guess I've only myself to blame..:mad:

Gaz83

Surely you must have realised that £30 x 18 isn't anywhere near £1519?

Ben8282

£30.23 X 18 = £544.14
This is not a difficult calculation.
So even at 0% the loan would have not been repaid in 18 months.
Were you not given any documentation /credit agreement with this loan stating the term?
On your credit report the term should be stated - it will say 'Payment terms: £30.23 X (number of month)'.
Best thing you can do is get this expensive loan repaid ASAP, perhaps by getting it onto a 0% card somehow....

PeacefulWaters

They give you a credit agreement.

That tells you the term.

It really shouldn't be difficult.

enthusiasticsaver

What does your credit agreement say? Find out if you can repay early and find a 0% credit card which will do balance transfer.

Don't take the figure from a credit scoring company as sometimes they are a few months out of date. Speak to the loan company and if you were really told it would be paid off in 18 months and not given correct paperwork then you have grounds for misselling. If, on the other hand you paid no attention to the credit agreement and did not do your own due diligence then I am afraid you only have yourself to blame.

MEM62

Lawright5666 wrote: »

Hi, I borrowed £1519.00 and pay £30.23 a month APR 19.9% - which I realise now wasn't going to cover the debt in 18 months - but when you've got the salesperson at your house giving it the hard sell you believe them when they tell you it'll soon be paid..

Simple maths tells you that 18 x 30.23 is not going to get anywhere near covering the debt. No matter how hard the salesman is pushing the numbers just don't add up.

What does the agreement that you signed say?