Tweet
Hello
I see from other posts that there has been manyy issues with these companies so forgive me if I'm repeating problems.
We took out a secured loan back in 2006 on a repayment loan basis. Unfortunately I became ill a few years after and we had to use our payment protection whilst I was unable to work. Once working payments continued and then the loan was sold to Elderbridge.
On receiving our latest statement we owed £12k. Last month we became able to pay off the balance so I rang and explained we would like to make an early settlement asked for a settlement statement, only to find out that there was £18k of deferred interest.
I had a phone call today asking if I was going to pay it in full and I queried why the balance was different to the statement and why was there deferred interest when we were under the impression it was a repayment loan, I.E paying capital and interest.
The answer left me speechless. The agent said that as it was taken in 2006 the loan was in regulated and that there was never any legal requirement for them to tell us they were deferring I treat payments and that it would have been done in good faith to help make the payments affordable. When I said we should have been informed he agreed but said it is what it is and he could open a complaint if we wanted to, which I have.
Is there likely to be any redress on this? It seems wrong that they can do this and openly admit that they have never once told us that interest would be deferred.
Has anyone else had these issues and what steps did you take if you don't mind me asking?
Thank you for taking the time to read this.
I see from other posts that there has been manyy issues with these companies so forgive me if I'm repeating problems.
We took out a secured loan back in 2006 on a repayment loan basis. Unfortunately I became ill a few years after and we had to use our payment protection whilst I was unable to work. Once working payments continued and then the loan was sold to Elderbridge.
On receiving our latest statement we owed £12k. Last month we became able to pay off the balance so I rang and explained we would like to make an early settlement asked for a settlement statement, only to find out that there was £18k of deferred interest.
I had a phone call today asking if I was going to pay it in full and I queried why the balance was different to the statement and why was there deferred interest when we were under the impression it was a repayment loan, I.E paying capital and interest.
The answer left me speechless. The agent said that as it was taken in 2006 the loan was in regulated and that there was never any legal requirement for them to tell us they were deferring I treat payments and that it would have been done in good faith to help make the payments affordable. When I said we should have been informed he agreed but said it is what it is and he could open a complaint if we wanted to, which I have.
Is there likely to be any redress on this? It seems wrong that they can do this and openly admit that they have never once told us that interest would be deferred.
Has anyone else had these issues and what steps did you take if you don't mind me asking?
Thank you for taking the time to read this.
Comment