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    • TheUnknown
    • By TheUnknown 4th Mar 18, 5:14 PM
    • 7Posts
    • 8Thanks
    TheUnknown
    Fixed sum loan agreement
    • #1
    • 4th Mar 18, 5:14 PM
    Fixed sum loan agreement 4th Mar 18 at 5:14 PM
    Hi all

    Sorry if this is a silly question but I have not been able to find any answers elsewhere.

    I have a fixed sum loan agreement I am due to finish very soon; are they allowed to make you pay more then the original agreement showing the loan and interest payments?
Page 1
    • molerat
    • By molerat 4th Mar 18, 5:24 PM
    • 18,597 Posts
    • 12,744 Thanks
    molerat
    • #2
    • 4th Mar 18, 5:24 PM
    • #2
    • 4th Mar 18, 5:24 PM
    Only what is stated on the agreement but there may be extra interest charges if you have been late with any payments. What is your specific problem ?
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    • TheUnknown
    • By TheUnknown 4th Mar 18, 5:35 PM
    • 7 Posts
    • 8 Thanks
    TheUnknown
    • #3
    • 4th Mar 18, 5:35 PM
    • #3
    • 4th Mar 18, 5:35 PM
    Hi Molerat

    I have crunched the numbers and as far as I can see, my last payment should be due then it should be finished. According to the company, there is still another four months left, around 800 after my next payment.

    On a five year agreement there has been three occasions of a bounced direct debit but a card payment was made on the same day on two occasions and a couple of days later.

    The issue I have is that I do not want to pay any more than what i signed up for.
    • zx81
    • By zx81 4th Mar 18, 6:30 PM
    • 16,836 Posts
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    zx81
    • #4
    • 4th Mar 18, 6:30 PM
    • #4
    • 4th Mar 18, 6:30 PM
    You need to ask them for a reason for the outstanding amount.

    Late payment fees would account for some of it, plus additional interest, but four months sounds a lot.
    • sourcrates
    • By sourcrates 4th Mar 18, 6:33 PM
    • 14,034 Posts
    • 13,296 Thanks
    sourcrates
    • #5
    • 4th Mar 18, 6:33 PM
    • #5
    • 4th Mar 18, 6:33 PM
    Ask for statements of your account.

    If you have a fixed sum credit agreement, of 60 payments, then that is what you will pay, the only occasion when this will be extended is if you have missed any payments in the past, or had a payment holiday.

    Ask them, they will tell you the reason if there is one.
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    • TheUnknown
    • By TheUnknown 4th Mar 18, 6:57 PM
    • 7 Posts
    • 8 Thanks
    TheUnknown
    • #6
    • 4th Mar 18, 6:57 PM
    • #6
    • 4th Mar 18, 6:57 PM
    Thank you for your advice.

    I asked them before and was given a wishy washy answer stating interest on it started at the beginning and they did previously add more interest for any late payments or change of payment date.

    I have raised it as a complaint with them to investigate, so watch this space.
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