Think we have been done

animalmad1311

Hi everyone,
I hope someone can help point me in the right direction. We took out a loan secured on the house (I know bad move) this was 13 years ago, we are still paying it off!! we have another 2 years to go, but I think we have been done over. We took a £25000.00 loan, over 15 years (silly I know but needs at the time) we have been paying around £360 per month resulting in us paying back so far around £56000.00. I really hope there is someone who can help, point us in the right direction of anyone who can help us look into if we were miss sold this loan and if there is anything we can do about it. i know we are nearly at the end, but this seems ridiculous. I know some will say look at your interest rate and yes it is probably high, but I need someone to help us. Can anyone point us in the right direction, we are fed up. Thank you in advance.:(

DrEskimo

I'm not really sure what help you are looking for...? You have been paying it back for 13years, so why suddenly the realisation that it's cost you a lot in interest? What grounds do you think you have for claiming you were mis-sold?

The interest rate is about 16.7%. You still have 24 payments of £360 left, which is £8,640. Your settlement figure today would be around £,7500, so if you can pay off the settlement figure that would save you around £1,000 in interest?

Sncjw

On what grounds was it misold

SnowTiger

animalmad1311 wrote: »

Hi everyone,
I hope someone can help point me in the right direction. We took out a loan secured on the house (I know bad move) this was 13 years ago, we are still paying it off!! we have another 2 years to go, but I think we have been done over. We took a £25000.00 loan, over 15 years (silly I know but needs at the time) we have been paying around £360 per month resulting in us paying back so far around £56000.00. I really hope there is someone who can help, point us in the right direction of anyone who can help us look into if we were miss sold this loan and if there is anything we can do about it. i know we are nearly at the end, but this seems ridiculous. I know some will say look at your interest rate and yes it is probably high, but I need someone to help us. Can anyone point us in the right direction, we are fed up. Thank you in advance.:(

An APR of about 16%. High, but it often was for these loans. And I guess you weren't in a position to shop around.

Carol Vorderman was flogging similar loans around the same time with a representative APR of 10.9%.

PPI reclaim possible?

[Deleted User]

OP - don't worry, you haven't been done.

You just chose a high rate loan over a long period. One you've made all your agreed payments (assuming you haven't missed any), it'll be paid off.

Bermonia

Mis-bought perhaps... mis-sold no.

Hindsight is a wonderful thing, however there is nothing in your post to suggest any mis-selling, you were happy with the APR the term, the repayment and the total repayable at the time of taking... why is it now an issue some 13 years later?

Gaz83

A bit of basic arithmetic at the time before you signed for anything would have shown you would pay back £64,800 to borrow £25,000.

Ben8282

Do you honestly believe that you could have got something better at the time when you took out the loan?
If yes, then why did you not take out this alternative lower APR product?
What would have been the result of your not taking out the loan in the first place?

Edi81

Remember interest rates were much higher back then therefore lenders had to charge more to make money.
As others have said some simple arithmetic tells you what you would pay. I think you just need to accept the consequences of your decision.

System

animalmad1311 wrote: »

i know we are nearly at the end, but this seems ridiculous. I know some will say look at your interest rate and yes it is probably high, but I need someone to help us.(

Look at your agreement, look at the interest rate on it and then find a loan calculator and it'll tell you how much you should have paid in total. Unless there's a discrepancy then what grounds do you think you have to make a complaint? Merely paying back just over twice what you borrowed over a 15 year period isn't sufficient. There's no compensation for remorse.

D_M_E

Was there PPI included as part of the loan?

If so, have you tried reclaiming the PPI element?