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Hi there,
I was wondering if someone could help me with a problem I'm facing with a debt settlement figure.
I took out a loan for £2200 in November 2013. The first payment started on January 2014 and was for a term of 18 months. The total amount payable on the loan was £3664. After six months I entered debt management where they agreed to half the normal payment amount. This was negotiated by my debt management company. To date all of my debts are paid off apart from this one loan. To date I've paid £3270.
However I've been advised by the loan company that they "deferred" the loan twice to "help me out" and the interest has been added on daily (charged monthly). The settlement figure given was £1282. At no stage did I know about these deferrals and I was told by the debt management company that they had said the interest was "front-loaded" (which the loan company deny). It's now 9 months past when the loan was paid off but it seems a huge amount of interest.
At no stage have I signed anything extra from the loan company. My question is are they allowed to do this and do I have any other options? I was hoping to pay £400 which was remaining on the total amount payable.
If I only pay the £400 can they take me to court?
I was wondering if someone could help me with a problem I'm facing with a debt settlement figure.
I took out a loan for £2200 in November 2013. The first payment started on January 2014 and was for a term of 18 months. The total amount payable on the loan was £3664. After six months I entered debt management where they agreed to half the normal payment amount. This was negotiated by my debt management company. To date all of my debts are paid off apart from this one loan. To date I've paid £3270.
However I've been advised by the loan company that they "deferred" the loan twice to "help me out" and the interest has been added on daily (charged monthly). The settlement figure given was £1282. At no stage did I know about these deferrals and I was told by the debt management company that they had said the interest was "front-loaded" (which the loan company deny). It's now 9 months past when the loan was paid off but it seems a huge amount of interest.
At no stage have I signed anything extra from the loan company. My question is are they allowed to do this and do I have any other options? I was hoping to pay £400 which was remaining on the total amount payable.
If I only pay the £400 can they take me to court?
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