Bank Loan Problems

Ludicrous

Hi,

My story starts off when i was young and stupid and took out a £5k bank loan from Natwest for a car and a few bits and bobs for my house.

The bank said i couldnt take out £3k which is what i wanted at first and the lowest i could take out was £5k.

This was a bit crafty as i fell for this being young and trusting but have no paperwork to back myself up.

The loan is for 5 years and taken out in Aug 2003.

I topped my loan up in March 2005 to £10k

I went into my bank last week of december to deposit some money and the manager called me into his office.

''An account review'' happened and noticed that i still have £8k left to pay uptill August 2010 ?!?!?

The manager had said i had extended my loan (correct) so he extended the years which i never agreed.

I worked out i will be paying back to the bank in total around £25k by 2010 !

Now £15k sounds very insane amount of money to pay back since the loan is ment to finish in Aug 2008 where i will be paying back £17.5k

(that includes the PPI which i am claiming back)

Any advice welcome

Thanks in advance

Ludicrous

Also my name on the loan is spelt wrong on the paperwork and computer systems or am i pushing my luck ? lol

CLAPTON

Sadly I can't see any grounds for your complaining about the loans but you may be successful in claiming a refund on the PPI on the grounds of mis selling.

Only real advice is to always read the loan agreement, never to agree to anything about loans in a bank without going away and reading the agreement in detail and never to agree to PPI.

If your credit record is good possibily you could get a new loan at lower interest rate to settle this one although whether thats advisable depends upon the details of APRs etc.

Ludicrous

I have good enough credit to cover another loan to lower interest payments.

Many Thanks for your help