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Trouble with loan company

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  • Trouble with loan company

    This is a bit long winded so please bear with me.

    Through serious illness in 2005 I had to take out a loan of £7500 to cover my mortgage payments, this loan was a second mortgage supplied by Prestige Finance. At the time they also sold me PPI which I believe they should not have done, I had informed them that I was self employed and that I had a pre existing medical condition but they still carried on with the 'hard sell'. This loan was over 8 years. I became ill again in 2010 and could not make the repayments (on both occasions I had brain tumours removed and had to be out of work for 1 year, due to restriction on driving) I investigated the PPI thing and discovered that it had expired after 1 year anyway! I complained about this and they sent me a copy of the original conversation, what a joke, it had clearly been edited because I remember aspects of that conversation which were not there. I complained again and again over the years to no avail. D uring the period of the loan I did miss payments and incur charges, I also on two occasions completely cleared the arrears, however somehow they are telling me that I still owe them over £9000! This has to be charges because I have paid them over twice the amount I borrowed.

    I have written to them asking for a full breakdown/explanation of the charges they are claiming from me, I have also told them that I actually prefer this to be heard in a county court as in my opinion it is impossible for these charges to be legal in any way. I am quite prepared to do this as if the worst were to happen I have the funds to clear any debt should I be horribly wrong about this.

    I did put a post up about this a couple of years ago and a lot of people responded, one particular person said that Prestige Finance had ceased to trade and no longer had a license, however if prestige finance is put into a search it certainly does not indicate this.

    I'm just wondering if anybody has any help suggestions how I go forward from here and if I am going about things right.

    Thank you.
    Tags: None

  • #2
    Re: Trouble with loan company

    Hi Denmar,

    Did you at anytime make a Formal Complaint rather that just a normal one?

    Get a "subject access request" done to the lender, this should provide all the data it holds on the loan account, you can be specific ask for statements and break down of charges and interest. This should also show all the details on the PPI which you can reclaim as mis sold.

    I would at the same time send them a CCA request as well.

    A SAR has a £10 statutory fee to pay, and should be addressed to The Data Controller, they have 40 days to comply, a CCA request has a £ 1 stat fee and they have 12+2 working days to comply.

    Comment


    • #3
      Re: Trouble with loan company

      Surely a complaint is a complaint - it does not need to be characterised as a "Formal Complaint"?

      Comment

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