Help! can i reclaim late pymt charges on a loan

moneymad.no1

Hi,

I really hope someone has the answer to this, i took out a loan when i was young and nieve and they've added charges to my account left, right and centre :eek: .

I was in a very bad situation financially and had the loan re-written a few times, however they've added late payment charges of £20 and £5 charges for telephone calls etc.

Can i reclaim these in the same way? has anyone else had this problem or been successful in reclaiming for this situation?

I've looked all through the internet and can't find an answer anywhere

BigCraigJohn

Apparently yes, for the same reason as bank charges, theyre unlawfull and ridiculously high for what they are and dont relate to the actual cost to the bank.
I'd be interested to hear from soneone in the know though if its exactly the same routine for getting them back as bank charges? Also do these come under the hold with the bank charges or are they not on hold like the credit card charges?.

nova

This is just what l was looking for! Today my husband paid the very last installment on his truck loan, feeling very pleased with himself he said thank you to the company and they said "we will write to you with your late payment charges and interest etc"! when he asked how much she said £259!!this is more than 2 months payments ,bloody cheek, any one payment has only ever been days late not months. So thanks for your info l shall be ready for them!!

moneymad.no1

Thank you for the info, i will attempt to folloq the same process as my bank charges

In the mean time i would be very interested and excited to hear if anyone has done this and been successful!!!!

Thanks again

GazPM

I'm in the same situation. When I was younger, I took out a career development loan with Clydesdale to do a scheidegger computer course (waste of time).

I got into a mess financially and still have this loan looming over my head. I know that they have charged me an extortionate amount on late payment fees etc and it would be great if someone could explain whether I could claim these back like the regular bank charges. If so, I may just be able to pay them off finally! Please help!

neverdespairgirl

BigCraigJohn wrote: »

Apparently yes, for the same reason as bank charges, theyre unlawfull and ridiculously high for what they are and dont relate to the actual cost to the bank.

There is, as yet, no certainty that bank charges can be reclaimed. They aren't necessarily unlawful at all.

The High Court is hearing the test case at the moment, it could go either way.

GazPM

GazPM wrote: »

I'm in the same situation. When I was younger, I took out a career development loan with Clydesdale to do a scheidegger computer course (waste of time).

I got into a mess financially and still have this loan looming over my head. I know that they have charged me an extortionate amount on late payment fees etc and it would be great if someone could explain whether I could claim these back like the regular bank charges. If so, I may just be able to pay them off finally! Please help!

Anyone have any ideas please?

moneymad.no1

Doesn't seem that anyone has the answer to this yet i'll put in a claim and maybe refer to the office of fair trading and the FOS i'll let you know GazPM how i get on!