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Hey all, not used to posting on forums but would like some advice please
We got a loan out with swift over 10 years in 2006 for 14k. currently we still owe 11k. by the time the loan has finished it would be 55k payed back, 42k paid so far ( apparently )interest ) !! We defaulted a bit previously and was hit with the most ridiculous charges. I queried this in 2011 and was told I was given a reversal of £1040 . Once again a couple of weeks ago I queried certain charges although we have not defaulted since 2015 and have paid double the amount. never missing a payment.
My query is, they have admitted they did not reverse the £1040. they have offered to refund £2000. however, I think this is wrong. if they have charged us so much in interest, surely the same interest rates should apply if they owe US. I have raised this as a complaint and have everything they have on us here, Ready to go the financial Ombudsman.
Could anyone advise please?
Many Thanks
We got a loan out with swift over 10 years in 2006 for 14k. currently we still owe 11k. by the time the loan has finished it would be 55k payed back, 42k paid so far ( apparently )interest ) !! We defaulted a bit previously and was hit with the most ridiculous charges. I queried this in 2011 and was told I was given a reversal of £1040 . Once again a couple of weeks ago I queried certain charges although we have not defaulted since 2015 and have paid double the amount. never missing a payment.
My query is, they have admitted they did not reverse the £1040. they have offered to refund £2000. however, I think this is wrong. if they have charged us so much in interest, surely the same interest rates should apply if they owe US. I have raised this as a complaint and have everything they have on us here, Ready to go the financial Ombudsman.
Could anyone advise please?
Many Thanks
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Comments
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You should get the amount paid, associated interest and perhaps statutory interest at 8%
There would be no allowance in the agreement to charge further interest on that.0 -
Thankyou so much for your reply. would this be standard? Please excuse me but I don't understand, how much would that equate too approx
Im so annoyed with them!0 -
You say ridiculous charges but these were in the agreement you signed.0
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No they were not, on one single month were were charged £710 for a litigation charge. then 2 days later £70 management fee. £82 then 2 days later £80 & a day later £76, this was 2 months missed payments.0
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With regards to the interest you are entitled to a refund of any associated interest I.e. interest charged on the incorrect deductions that shouldn’t have been and usually 8% statutory interest for being deprived of the funds.
Whilst I understand your frustrations you will not be entitled to further and you certainly can’t argue that you should be allowed to charge them interest at the same rate they charge you... you agreed to a contract which includes the interest, they have no such obligation legally or morally to you I’m afraid.0 -
Hi
Many Thanks, What does this mean in terms of what will be reversed then?0 -
I would expect them to provide you with a detailed breakdown of the refund explaining how they have worked it out - from there you can make an assessment as to if it’s sufficient to rectify the error0
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I’d assume that they’d roll the amount up at the same rate as you are paying interest on the loan, are you sure that they haven’t done so?
What’s your APR, and what are the exact dates involved?
You’re suggesting that the rates differ but not provided the numbers for anyone to check.0
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