Almost debt free but loan company playing me for a fool

davefcuk

Hi all

I urgently need some advice about a personal loan I took out.
I originally took out a loan many years ago and unfortunately after a year or so found myself unemployed and in major financial difficulty.

I contacted the company with which I had a loan and they decided to write-off some interest and reduce the monthly payments and change the loan period.

This was all some years ago now and I never recieved any details or statements from them again and I couldn't even check online as the account had been suspended. The agreement was when the debt was repaid they would write to let me know.

I recently became curious after paying for six and a half years (never missing a payment) and contacted them. After many security questions and letters they explained that I had fully repaid the loan three years ago and they would send me a refund of the overpayments.

I recieved a very small cheque for three years of payment and contacted them back. They have told me that in calculating my refund they have deducted the amount that was previously written-off!!! :mad:

How can they do this??? I am sure this does not fit the banking code where it says they will conduct my account in an fair and honest manner.

I had no way of knowing when my loan payments where completed so how can they do this.

I have written to them to complain and they have even put it in writting.

I am so close to being debt free after six years of hell this money should do it.

Please please please please help

Butcher1903

I'm by no means an expert on this subject. But I would have thought that the loan company would have issued you with some written agreement with the new terms of your loan after you contacted them after finding yourself out of work?

davefcuk

Butcher1903 wrote: »

I'm by no means an expert on this subject. But I would have thought that the loan company would have issued you with some written agreement with the new terms of your loan after you contacted them after finding yourself out of work?

I originally contacted all of the companies I owed and unfortunately none did it was all agreed over the phone and they sent out a new direct debit form.

I know in hindsight this seems basic but at the time No-one else sent paperwork either

stapeley

As you have not got it in writing , theres nothing you can do . Phone agreements are not worth the paper they are written on . This is the reason we always say never phone these companies .