Hilly58

Gaz83

Hilly58 wrote: »

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...

You agreed to pay back a certain amount. Have you paid back a certain amount?

Your self-admitted naievity =/= mis-selling.

Surely you could have used a calculator and done 300 x [monthly payment] to see how much you were agreeing to pay back?

Caz3121

Hilly58 wrote: »

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?

it was a 25 year loan. similar to a mortgage you will pay a lot of interest and very little off the capital in the first years...you have not paid off the full amount borrowed yet.
You could ask for a redemption figure and see if you can borrow elsewhere cheaper to pay it off.

Hilly58

In hindsight yes should have checked, just you tend to trust people in these cases who claim to be who they are, just trying to resolve it as best I can, even you must be able to see my case!! Nothing in writing or verbally about total payment which would have flagged up total amount. But thanks for the empathy 👍

financegeek

I can't see that there's any case here unfortunately. You borrowed the money and were aware of the monthly payment and term. if you were interested in how much you had to pay in total, you could have just multiplied the term by the payment.

rather than working on a misselling complaint as that's likely to be easily rejected, why don't you look at refinancing the loan to a lower interest rate? then making overpayments to clear the debt asap.

Bermonia

You didn’t ask for empathy you asked for advice and you have been given the correct advice/information.

If you want empathy post on fb I’m sure everyone there will tell you how hard done by you are.

The reality is that your lender has done nothing wrong... end of discussion, however as already suggested ask for a redemption figure and see if it would be worthwhile paying outstanding off with a lower rate loan (redemption figure on single premium loan should be considerably less than current outstanding figure so you may well be surprised).

Hilly58

I’m saying miss sold, as yes, you said I should have done my own calculations, but in my way of thinking if it was said to me by the broker or I seen how much it was in total, I wouldn’t have took the loan on. We both work full time and haven’t got problem paying back what we owe or have loaned, just seems loan was took without our best interest in mind and probably nowadays not been allowed. Not making excuses, just want it resolved best I can and hope Prestige will work with me. As stated I have already paid 46k off so here’s hoping👍

jonesMUFCforever

Hilly58 wrote: »

I’m saying miss sold, as yes, you said I should have done my own calculations, but in my way of thinking if it was said to me by the broker or I seen how much it was in total, I wouldn’t have took the loan on. We both work full time and haven’t got problem paying back what we owe or have loaned, just seems loan was took without our best interest in mind and probably nowadays not been allowed. Not making excuses, just want it resolved best I can and hope Prestige will work with me. As stated I have already paid 46k off so here’s hoping👍

Think back to when you decided to take out the loan - who approached who?
Did they contact you or did you contact them to ask for a loan?

Personally here you are wasting your time with a missale complaint you would be better served trying to get a cheaper loan to pay it off.

[Deleted User]

Hilly58 wrote: »

I’m saying miss sold, as yes, you said I should have done my own calculations, but in my way of thinking if it was said to me by the broker or I seen how much it was in total, I wouldn’t have took the loan on. We both work full time and haven’t got problem paying back what we owe or have loaned, just seems loan was took without our best interest in mind and probably nowadays not been allowed. Not making excuses, just want it resolved best I can and hope Prestige will work with me. As stated I have already paid 46k off so here’s hoping👍

What did you do with the loan money? What would you have done if they hadn't lent it to you?

Bermonia

you can pin all your hopes on some outlandish attempt of a mis-sale complaint (never gonna happen by the way) or you can be constructive and take the advice given on here to try and source a cheaper loan.

Having dealt with Prestige finance loans in the past they hold a number of documents that make it clear the total cost of the loan in the past they’ve even been able to supply call recordings too - even if they no longer held any such records you would still have to prove that you were not told and couldn’t possibly use a calculator to work out how much you would be paying over the term...

Gaz83

Hilly58 wrote: »

I’m saying miss sold, as yes, you said I should have done my own calculations, but in my way of thinking if it was said to me by the broker or I seen how much it was in total, I wouldn’t have took the loan on. We both work full time and haven’t got problem paying back what we owe or have loaned, just seems loan was took without our best interest in mind and probably nowadays not been allowed. Not making excuses, just want it resolved best I can and hope Prestige will work with me. As stated I have already paid 46k off so here’s hoping👍

Why would they work with you? They're receiving monthly payments and are scheduled to do so until the end of term. Why would it be in their interest to work with you?