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Incorrect Details on Personal Loan Agreement
ScaredWitless
Posts: 158 Forumite
I took out online a personal loan with my bank Halifax in December 2011.
I recently wanted to check the details and so last year, I asked the bank for a copy of my credit agreement.
They supplied with with a basic office copy ie black and white.
No signature as it was done online.
Incorrect address on loan agreement, plus there was an incorrect interest rate.
They also failed to supply the terms and conditions seperately at the time of request.
Would this make the agreement invalid in any way?
I have sent the bank a detailed income and expenditure showing I am unable to maintain payments, the bank has not replied.
I have sent the information to both their Collection and Recoveries Department and their Customer Priority Team.
Both letters were sent first class recorded delivery, and have been signed for by the bank at their end.
The bank is also aware that I am a vulnerable adult with mental health problems, I've given the copies of my doctor's report showing my condition.
My bank is just not being cooperative with me and ignores my letters.
So what will happen if they try and take action on me considering they have ignored recent letters from me!?
I recently wanted to check the details and so last year, I asked the bank for a copy of my credit agreement.
They supplied with with a basic office copy ie black and white.
No signature as it was done online.
Incorrect address on loan agreement, plus there was an incorrect interest rate.
They also failed to supply the terms and conditions seperately at the time of request.
Would this make the agreement invalid in any way?
I have sent the bank a detailed income and expenditure showing I am unable to maintain payments, the bank has not replied.
I have sent the information to both their Collection and Recoveries Department and their Customer Priority Team.
Both letters were sent first class recorded delivery, and have been signed for by the bank at their end.
The bank is also aware that I am a vulnerable adult with mental health problems, I've given the copies of my doctor's report showing my condition.
My bank is just not being cooperative with me and ignores my letters.
So what will happen if they try and take action on me considering they have ignored recent letters from me!?
0
Comments
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How do the terms match up with the copy that you signed?0
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I don't know.
There were no terms and conditions provided under separate cover.
It wasn't signed in wet ink by me as it was done online.0 -
Why do you believe the APR to be incorrect? Is it different to what you are actually paying? If so, is it more or less?0
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I have a letter from Halifax going back to July this year saying that there was 0% interest added onto the loan.
The loan agreement says 13% was added.0 -
Can you post up details of the letter? It would highly unusual that you were given a 0% loan.
It sounds more likely that your loan is at 13%, but either through an admin error, or through an arrangement, you were moved to 0% for a period of time.
Are you currently in arrears on your loan?0 -
I was on an IVA 2 years ago which failed as I couldn't keep up the payments on it.
The letter is quite clear that 0% interest had been applied to the loan, even though the loan agreement says 13%.
When you look at the default entry for the loan at the credit reference agencies, there is clearly no interest has been added ontop.
Thats why I am asking due to the error on the loan agreement is it valid!?0 -
The agreement is almost certainly valid, so I would't worry about that. The original agreement won't be altered, even if you are now on 0%.
The issue you need to get answered is why you were moved from 13% to 0%. I suspect because of the IVA. And then understand what you are paying now, what the term is and so on.
Are you currently on a payment plan with them, via the IVA?0 -
Why would you expect the original loan agreement to show a 0% rate agreed at a later date to assist hardship?0
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I'm not paying anything at the moment.
Thats why I sent them an income and expenditure sheet, and they have not replied.0 -
OK. It all looks in order. The agreement looks valid so you won't need to repay everything in one go.
You just need to agree a payment plan with them now.0
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