Screwed on a LOAN by RBS

TheEnglishman07

Hey all,
Sorry to get straight into this but I have to. Basically a little over a year ago I took a loan out with RBS (Yes I will name names) for 17k. When this loan was taken out I asked the guy if I saved up around 1k a month will I be able to pay this loan off after a year, 'yes' he said. So he I am 1 year later with STILL a 17k loan. It has not changed I have been paying over 300pounds a month yet I owe more than then initial loan. Is this right, I am paying the loan off 4 years early with apparently no clauses yet they want to charge me more for the privilage. Do I have a case even though it would be my word against his, and he doesn't work there anymore. It has really annoyed me that a bank this size has screwed me over. Any suggestions would be helpful.
Thanks
Dave
:beer:

CLAPTON

you've asked the question before and ignored the responses

_Andy_

Basic maths would dictate there was no way you could (assuming this post is even genuine).

Loan amount - £17,000

Alleged/proposed payments
12 * £300 (let's for simplicity ignore the fact that most of that is going to be interest during the first year) = £3,600
12 * £1000 payments = £12,000
Total of proposed payments (again, ignoring interest charged) = £15,600
Shortfall = £1,400

How exactly did you think it was going to be paid off in a year?

And as above, why post the same question again when you rather rudely ignored other people trying to help you on the original thread?

TheEnglishman07

Well firstly,
My computer had crashed the first time so I pressumed that the thread had not published as I could not find it, hence re-writing it. I dont recieve links like other forums to tell me that a response has been sent, sorry I cant get on here every day...
With the second answer, you can ignore the shortfall, that doesn't have any bearing on this, I can quite easily find 2k from anywhere which I might add is better than paying silly amount a month on a 17k loan.
Just to add I do not intentionally ignore people.
Thanks

dobbie82

http://forums.moneysavingexpert.com/showthread.html?t=720945

_Andy_

TheEnglishman07 wrote: »

Well firstly,
My computer had crashed the first time so I pressumed that the thread had not published as I could not find it, hence re-writing it. I dont recieve links like other forums to tell me that a response has been sent, sorry I cant get on here every day...
With the second answer, you can ignore the shortfall, that doesn't have any bearing on this, I can quite easily find 2k from anywhere which I might add is better than paying silly amount a month on a 17k loan.
Just to add I do not intentionally ignore people.
Thanks

Shortfall or no shortfall, doesn't answer my question about how you thought the sums would add up.

merlinthehappypig

Without any more detail it's impossible to work out, but my son was in a similar position with his 7 year Egg loan.

They frontloaded the PPI with his loan so he spent the first 15 months or so paying the insurance off. His settlement figure was more than the initial loan when I enquired at 18 months.

He now has around 42 months left and the settlement figure is barely more than the sum total of the remaining repayments.

It's possible the same has happened here.