Help needed so worried

Dane91cooper

Hi, first time posting on here.

i took out a loan with 118118 a while ago, due to COVID I requested a payment holiday. Waited 2 weeks for the contract and when it fans it changed my monthly amount from £78 to £85 with the 3 month holiday in place, on the contract it states the Loan was for 1173 with interest over 1700. I signed the contract and 5 minutes later they paid 1173 into my bank.

i lost about £500 straight away on an unarranged overdraft and the majority went out on bills after that. The same night I received a call from them stating the money had been sent out in error and they wanted me to pay it back there and then.
i told them I no longer had the money and that I couldn’t pay it back, I told them my financial struggles and she said this would be added on to my existing loan if I could t repay. I asked to speak with a manager but was told nobody was in the building and I would receive a call at 8am the next day.

8am comes no phone call, I called them about 17.00 and was told I had to repay the money, I was pretty irate at this point and demanaded a manager. I eventually spoke to an account manager who told me that they couldn’t make the decision to just add the money on and she was wrong, he said this had to go to senior management and they were not in the building until Monday. 

I am worried sick that they are going to tell me I have to pay this back in full, I simply can’t do it, would they have to honour a payment plan if I said I can’t pay it back in 1 ? 

Please remember this was their error and I stated on the emails it said that this was a new loan agreement and that the money would be paid into my account.

[Deleted User]

If you can't repay in full, you'll need to make a repayment plan.

sourcrates

Makes no difference what they ask for, and no point in being worried, If you can’t do it, you can’t do it.
It was their error, so you just offer what you can and pay it, don’t enter in pointless negotiations with them, just pay what you can, when you can.
They will have to lump it, and not make such stupid “errors” in the future.

Dane91cooper

Deleted_User said:

If you can't repay in full, you'll need to make a repayment plan.

Would they be required to accept this though as it is their error and would I then be required to pay interest on it? I don’t see how that would be fair.

elsien

Dane91cooper said:

Deleted_User said:

If you can't repay in full, you'll need to make a repayment plan.

Would they be required to accept this though as it is their error and would I then be required to pay interest on it? I don’t see how that would be fair.

When you thought it was a new loan you agreed to pay interest. What's the difference? 

Dane91cooper

elsien said:

Dane91cooper said:

Deleted_User said:

If you can't repay in full, you'll need to make a repayment plan.

Would they be required to accept this though as it is their error and would I then be required to pay interest on it? I don’t see how that would be fair.

When you thought it was a new loan you agreed to pay interest. What's the difference? 

Because the contract was mean to be solely for the payment holiday interest, I didn’t expect to receive the money as then I’d received 2 lots of it... the difference is they have paid money into an account that swallowed it and then asked for it back, and possibly with interest.

Thats like me paying you 5k and the bank swallowing it and saying you now have to pay me back 5k plus interest without you agreeing to receive the money.

All I asked for was a 3 month payment holiday.

RobM99

I'd suggest Citizen's Advice.  Honestly, some people on here are so smug with an "You idiot" attitude.