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Secured loan help
Hi
Secured loan was originally I-Group, missed a couple of payments when on maternity leave , when the acct was passed to GE money , but always made up the missed payments over 2 or 3 months by paying extra on the contractual payments . The charges from the arrears charges have accrued interest and now stand at £1700.
The loan was passed to Elderbridge last year and I have continued to pay the CMI , and when I could made a extra payment to reduce the arrears.
I managed to dig out the contract and was surprised to see the loan payments end this May :-) but when I rang Elderbridge i was informed the outstanding balance is £2723 this includes the principle balance of £982 . So payments will continue , but they have given me the option to pay charges at reduced rate and said they do not charge interest on historic charges.
Im thinking of doing a SAR request and to look at charges added and reclaim if they are high ? this might help reduce balance .
I contacted the FOS about the PPI , but was advised as the broker and Igroup is no longer trading , PPI claim would not be successful .
Any help with next steps would be appreciated .
Secured loan was originally I-Group, missed a couple of payments when on maternity leave , when the acct was passed to GE money , but always made up the missed payments over 2 or 3 months by paying extra on the contractual payments . The charges from the arrears charges have accrued interest and now stand at £1700.
The loan was passed to Elderbridge last year and I have continued to pay the CMI , and when I could made a extra payment to reduce the arrears.
I managed to dig out the contract and was surprised to see the loan payments end this May :-) but when I rang Elderbridge i was informed the outstanding balance is £2723 this includes the principle balance of £982 . So payments will continue , but they have given me the option to pay charges at reduced rate and said they do not charge interest on historic charges.
Im thinking of doing a SAR request and to look at charges added and reclaim if they are high ? this might help reduce balance .
I contacted the FOS about the PPI , but was advised as the broker and Igroup is no longer trading , PPI claim would not be successful .
Any help with next steps would be appreciated .
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