Accenden Secured loan

[Smudge21]

Hi all , just after some advice regarding an Accenden loan that is due to expire next February , however they now state that an extra 8k has been added on due to my monthly payments that they set wont clear the loan ? saying that i should have paid more in since 2012 to cover the extra ? is this right for them to do this , they do say they sent a letter in 2012 to explain this but i cannot recall ever seeing anything ( if i had and they said i would have to pay an extra £10 a month for example i would have done it without question) but simply cannot recall anything apart from annual statements that never showed any issues
any help would be appriciated

[echat11]

Hi SMUDGE21

Send Accenden a SAR request, they have 30 days to provide all the data on the account, hopefully 6 years plus. Make sure you get Proof of Postage.

https://legalbeagles.info/library/gu...ccess-request/

Also send them a CCA request, they have 14 days to respond. Make sure you get Proof of Postage.

https://legalbeagles.info/library/gu...etter-example/

EXC Could you kindly take a look.

[EXC]

Hiya

Are they saying that they hadn't contacted you between 2012 and now about the increase? If so that doesn't exactly sound reasonable to me.

I would follow the steps that echat11 suggested and see what that throws up and then make a formal complaint to them which you can then take to the Financial Ombudsman Service if necessary.

[Smudge21]

Here is their reply to my question
"A letter was sent out on 15 July 2011 informing you that following a review of your account your contractual monthly installment was insufficient to repay the capital balance and interest, as well as any fees and other amounts due over the life of your loan. To ensure you had paid all amounts due by the end of your loan term, your monthly installment needed to increase to £333.76. This occurred because, historically, your monthly installment did not automatically adjust to take into account any fees or interest applied to your loan balance. This resulted in a projected shortfall at the end of your loan term of £2283.12 at that time. You had two options, to either increase your monthly installment at that time to take into account the shortfall or to leave it as it is and address the shortfall at the end of the term. As we did not hear back from you by 27th July 2011, we informed you in the letter wee will allow your account to continue on your current monthly installment and to please be advised this will result in a shortfall at maturity. As the balance was not addressed at the time, your total outstanding balance as of today is £11,569.64, please contact us to advise how you will be addressing this balance."

[EXC]

Loans are not my area but I'd be surprised if Accenden weren't required to inform you of the shortfall more than on just one occasion.

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