Secured Loan. Rip Off !!

[buzzCCC]

I have just been in contact with a loan company I used about 5 years ago as I had lost my paperwork and I need them to reclaim the PPI.
They have sent me duplicates of the documents...

I nearly had a heart attack when I read the figures.

I Borrowed a secured loan of £6,000 (£5,300 + £700 PPI) payable over 60 months at £155 a month . Total payable about £9,350.

BUT... when I remortgaged nine months later, it was paid off in full as part of the terms of the remortgage (51 months early)
According to the figures, they charged just under £11,000
Works out that because I paid off early, I ended up paying over £1600 more than if I had kept it for the five years..
How can that be??

Conning Bas*ards

Buzz.

[wishy]

Is the extra itemised and what as?
Check the terms and conditions of the original loan and the re-mortgage and see if it mentions early pay off fee's
Did you get the condition to pay off the loan in writing?
I would definitely go after the £1600
If you can prove they forced,coerced or failed to disclose.

[buzzCCC]

Is the extra itemised and what as?
Check the terms and conditions of the original loan and the re-mortgage and see if it mentions early pay off fee's
Did you get the condition to pay off the loan in writing?
I would definitely go after the £1600
If you can prove they forced,coerced or failed to disclose.

Hi,
The t&c's just say that to pay off early there is a "reasonable charge" not specified though.

Just noticed on the statement they have charged
£1,374 collection charge including LL (Whatever LL is)
and £575 Collection charge -ECC (whatever ECC is)
Also £250 redemption admin fee !

These charges alone amount to £2200 !!!!!
All that on a loan of £5300!!

Buzz

[lambchop]

that don't sound reasonable to me Rob

[wishy]

Subject access request everything you want to know including what is an ll or eec and gather your information ready to build your case.