We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Managed Loans..
theauth0r
Posts: 53 Forumite
Hi guys, I'm just after a little advice...
I had to take a managed loan back in 2004 and was paying £40.00 per month to cover the costs.
I've just managed to logon to my online banking for that account for the first time and noticed that from each payment of £40 I've been paying every month for the last 4+ years, £21 - £23 of that has been interest.
I still owe £1600 on this loan after 4+ years... it just won’t seem to go down.
So my question is...
Do managed loans fall in to any category where I can claim back the interest?
I remember reading something a while back about people being forced into managed loans, and there was a way of claiming something back from it... but I couldn’t find anything when I searched for it today.
This is just one tiny hurdle that I’m facing at the moment and need to try and get this dept sorted before I venture on to my other accounts
Any advice or help would be appreciated.
I had to take a managed loan back in 2004 and was paying £40.00 per month to cover the costs.
I've just managed to logon to my online banking for that account for the first time and noticed that from each payment of £40 I've been paying every month for the last 4+ years, £21 - £23 of that has been interest.
I still owe £1600 on this loan after 4+ years... it just won’t seem to go down.
So my question is...
Do managed loans fall in to any category where I can claim back the interest?
I remember reading something a while back about people being forced into managed loans, and there was a way of claiming something back from it... but I couldn’t find anything when I searched for it today.
This is just one tiny hurdle that I’m facing at the moment and need to try and get this dept sorted before I venture on to my other accounts
Any advice or help would be appreciated.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards