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Shawbrook are NOT listening

Shawbrook bank, are not listening to me.  I cant afford the loan, have called them several times and told them.  They wont do anything aoart from add a missed payment fee of £80. Contacted the ombudsman, awaiting their decision.  HELP !!

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 11 February 2021 pm28 9:56PM
    You're going to need to be more specific.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Shawbrook bank aren't going to provide you with advice in relation to your debts. Try the National Debt Helpline.  
  • sourcrates
    sourcrates Posts: 30,649 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    You will need to post a lot more detail before anyone can give you any specific advice on this.
    To involve the ombudsman suggests you have already exhausted Shawbrook's complaints procedure, what did their final response say ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • My sister  bought boiler through Shawbrook in 2015. She replied to the helplink adert on TV fronted by John Ball for boiler priced at £17.00 a month over 10 years with  10 y warranty. It seemed a great deal but when salesman durned up he pressurised her into buying boiler at £52.00 a month over 10 years. at 11.9% interest.  saying others not suitable for  her house and these were the only boilers in stock. The cost of boiler was £3770.00 and interest £2543.00 totalling £6300. 00.  We asked for settlement recently and they still want £2270.00 .00 so even paying  it off 4 years early and having already  paid £3640  its only 410.00 saved . This seems  ridiculous.  We are both pensioners and struggling to pay.  She made a big mistake signing up for this  but theres nothing we can do about that now.  She has retired from NHS now on health grounds.. We cant understand the interest as in last statement it shows average interest amount of  £26.00 per each which is about £300 a year. So we expected it to be about £1200 which we can borrow from a relative interst free.  They just told me its a calculator that works it out and they couldn't explain how it works.     I know the  interest reduces each month but it still seems odd that paying it off 4 years early only reduced by £400 over 4 years. ?     We did contact shawbrook,  helplink and ombudsman   2 years ago seeking help but didnt get anywhere.  Can anyone offer any advice.
  • 2021BJ
    2021BJ Posts: 307 Forumite
    100 Posts Name Dropper
    jjmurray said:
    My sister  bought boiler through Shawbrook in 2015. She replied to the helplink adert on TV fronted by John Ball for boiler priced at £17.00 a month over 10 years with  10 y warranty. It seemed a great deal but when salesman durned up he pressurised her into buying boiler at £52.00 a month over 10 years. at 11.9% interest.  saying others not suitable for  her house and these were the only boilers in stock. The cost of boiler was £3770.00 and interest £2543.00 totalling £6300. 00.  We asked for settlement recently and they still want £2270.00 .00 so even paying  it off 4 years early and having already  paid £3640  its only 410.00 saved . This seems  ridiculous.  We are both pensioners and struggling to pay.  She made a big mistake signing up for this  but theres nothing we can do about that now.  She has retired from NHS now on health grounds.. We cant understand the interest as in last statement it shows average interest amount of  £26.00 per each which is about £300 a year. So we expected it to be about £1200 which we can borrow from a relative interst free.  They just told me its a calculator that works it out and they couldn't explain how it works.     I know the  interest reduces each month but it still seems odd that paying it off 4 years early only reduced by £400 over 4 years. ?     We did contact shawbrook,  helplink and ombudsman   2 years ago seeking help but didnt get anywhere.  Can anyone offer any advice.
    Loan interest is calculated daily based on the outstanding balance. At the start most of the repayment goes towards the interest, rather than the capital.  The further into the loan you get the more of it pays off the capital until towards the end when very little interest is paid, it's mostly capital. That is why after 6 years there is still a good amount outstanding.

    A really quick use of an online calculator shows that nearly £2082 should be outstanding in capital at this point.  Not far off the settlement figure quoted.

    I'm sorry but that's just the way loans work.  There is nothing to complain about in regards to that.
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