Advise about loan

Shamu365 · 14 November 2017 at 11:18PM

Hi
Can someone give me advice please regarding an enquiry about a recent loan I took out. I took a bamboo loan in Feb this yr for £5000 over a period of 5yrs. However in March I left my job and put my house for sale due to having too many creditors and fear of repossession. At the moment I am due to complete the sale of the house in Dec next month but as I was out of work for the last 8 months I have not paid my monthly installments of £175 for the bamboo loan although I had a agreement that I pay £1 a monthly till sale of the house. I have spoken to them today and am distressed to hear that have said that I must pay £10000 back even if pay the whole loan off next month. They have said that I must pay £5000 interest as I had taken the loan over 5 yrs and the interest will be added on regardless if I pay the loan off next month. I was not aware that this was the case when I took the loan and was not told so. Please can someone me if bamboo are correct in what they say

[Deleted User] · 14 November 2017 at 11:27PM

No, that's not correct.

Escalate a complaint.

Shamu365 · 14 November 2017 at 11:30PM

Hi thankyou for that I did think that it did not seem right but I was not sure if the fact that I had missed payments triggered some clause common to bamboo loans that meant I would have to pay 5yrs interest rather than the one year

sourcrates · 14 November 2017 at 11:49PM

What does it say in your agreement ?

That’s all that matters.

Shamu365 · 15 November 2017 at 12:01AM

Thankyou I don't have an agreement to check but I will check with them to send me a copy even though it may say that on the agreement I think don't think it is morally acceptable but as I am a little ignorant about common procedures among loan companies is this standard practice among the loan companies

sourcrates · 15 November 2017 at 1:02AM

Shamu365 wrote: »

Thankyou I don't have an agreement to check but I will check with them to send me a copy even though it may say that on the agreement I think don't think it is morally acceptable but as I am a little ignorant about common procedures among loan companies is this standard practice among the loan companies

Can you explain why you don’t have an agreement, was it signed online ? Or have you just lost it ?

Regardless, you can make a request for a copy of your agreement by completing the letter in this link, send it with a £1 postal order (£1.50 total charge) as statutory payment :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

Once you have it you need to read what it says in the terms and conditions.

Morality does not come into it, your loan is governed by the consumer credit act 1974 and whatever it says in that agreement is legally binding.

For future reference you should stay off the phone when dealing with matters of this nature, as call handlers very rarely know what they are talking about, and can try to tell you all sorts of rubbish as they don’t really know themselves.

Advise about loan

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