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Hi
I took a loan out secured on a van in 2017 and then a top up 2nd loan in sept 2017.
At the time of 2nd loan I was in a very bad place as dad was dying and mum had a stroke so I shouldn't have took it out. And the APR rocketed from the 1st to 2nd loan
In November I got hit by a bike and my van was deemed a total loss. The insurance company paid out direct to me even though the loan co had assigned the logbook
I complained to the FOS in Feb and the investigator awarded in my favour twice but the loan co appealed for a 2nd time and the ombudsman went completely opposite to the investigator and awarded 100% in favour of the compamy. Obviously they must give back handers when it gets to final appeal as it is literally a complete reversal
I am now a full time carer and have literally no excess income so cannot offer any kind of payment but they are now asking for payments to restart and when will I clear the arrears. They also seem to think the insurance haven't paid out yet
I have requested an income and expenditure form from them which they have emailed
Can anyone advise how to approach this as I feel my only option is to say take me to county court as I know they will not accept any reduced offer. I tried last year and was told they cannot allow the loan to take longer than the original term
Really hoping for help
Thanks in advance
I took a loan out secured on a van in 2017 and then a top up 2nd loan in sept 2017.
At the time of 2nd loan I was in a very bad place as dad was dying and mum had a stroke so I shouldn't have took it out. And the APR rocketed from the 1st to 2nd loan
In November I got hit by a bike and my van was deemed a total loss. The insurance company paid out direct to me even though the loan co had assigned the logbook
I complained to the FOS in Feb and the investigator awarded in my favour twice but the loan co appealed for a 2nd time and the ombudsman went completely opposite to the investigator and awarded 100% in favour of the compamy. Obviously they must give back handers when it gets to final appeal as it is literally a complete reversal
I am now a full time carer and have literally no excess income so cannot offer any kind of payment but they are now asking for payments to restart and when will I clear the arrears. They also seem to think the insurance haven't paid out yet
I have requested an income and expenditure form from them which they have emailed
Can anyone advise how to approach this as I feel my only option is to say take me to county court as I know they will not accept any reduced offer. I tried last year and was told they cannot allow the loan to take longer than the original term
Really hoping for help
Thanks in advance
