Hilly58

Hilly58

Can I end loan agreement with company now no longer exsisting, but other company has taken over? I was mis-sold plan and not informed of final payment details?

[Deleted User]

If you settle the outstanding amount, yes.

If you have a mis sale complaint, you can make that separately,

Hilly58

I have already paid the amount I took out and 15k in interest, could I still stop payments?

[Deleted User]

Hilly58 wrote: »

I have already paid the amount I took out and 15k in interest, could I still stop payments?

You could. But then you would be taken to court for non-payment. Why have you been mis-sold? Or do you mean mis-borrowed?

[Deleted User]

Hilly58 wrote: »

I have already paid the amount I took out and 15k in interest, could I still stop payments?

Was the agreement to pay back the capital plus 15k in interest?

Or could it have been a little bit more than that?

Caz3121

Hilly58 wrote: »

I have already paid the amount I took out and 15k in interest, could I still stop payments?

you would need to pay the amount that is still outstanding...with all loans (unless 0% APR) you pay back more than you borrow. Have you asked for a redemption figure to see how much it would be if you were to be able to pay it all off now.
what was the amount, term and interest rate? why do you think it was mis-sold?

Hilly58

When I took initial loan out, the total amount payable wasn’t told to me or explained properly, so if I would have been told that for 30k loan I would have to pay 87k I would have declined there and then, I have now paid off 46k so for next 14 years what am I paying off? I have spoken to prestige finance and lodged a complaint, just a loss of what to do next.

Bermonia

Hmmm prestige finance are notoriously expensive... assuming you were unable to lend from mainstream lenders at time so was all that was available.

Prestige are renowned for being robust in the defence of such claims, they will also have a copies of your credit agreement and other docs which will clearly disclose the total amount repayable (in some cases they even have call recordings).

Ultimately it is considered a business decision to lend at those rates and more importantly it was your decision to borrow at those rates. Whilst I appreciate your situation at the time was perhaps desperate this does not negate your responsibility I’m afraid and this is clearly not a mis-sale and more a case of buyers remoarse.

[Deleted User]

Hilly58 wrote: »

, I have now paid off 46k so for next 14 years what am I paying off?

Interest and capital. As time goes on, more of the capital.

Overpayments will save you a fortune.

Hilly58

On the credit agreement, it just says 300 months at monthly repayment, nothing written or spoke about final payment, as I have original paper. I understand my mistake and lack of experience / naievity in this area at the time, but surely if I have paid 46k so far, what am I now paying off for next 14 yrs and wouldn’t it be good customer practise to help me resolve this issue, the original company GE Money do not exsist anymore so it’s just there deal I’m assuming...

[Deleted User]

Hilly58 wrote: »

but surely if I have paid 46k so far, what am I now paying off for next 14 yrs

The same as the last time you asked. Interest and capital.

Their customer service won't perceive that there is an issue to be resolved. They lent the money and you repay it. There isn't an obvious problem.

If you believe the loan is in some way unenforceable, then make a complaint to that effect.