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Loan Companies are scum!

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By (user no longer on site) OP     over a year ago

I was just reading a letter i got there from Black horse who i have my loan with, and it says that my balance for the last year has dropped by ONLY £56!!

I pay £350 pm to the bastards, but because i had a default when i was going throught some hard times when my mum died and missed a payment or 2, and decided to go for the option they gave me of putting those payments to the end on my agreement, they are charging me £218-£250 each month in INTEREST ALONE!!!!! HOW IS THIS ALLOWED??? they never told me that it would affect me like this!

Surely there's something i can do?? If not, i'm gonna have to go Bankrupt!

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By *1cebren4uWoman  over a year ago

clydebank

Go to the CAB office and ask them to help you

brennie xxxxxx

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By (user no longer on site) OP     over a year ago

I don't think they'd be able to, do they deal with financial stuff?

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By *imfromGlasgowMan  over a year ago

er...guess


"I don't think they'd be able to, do they deal with financial stuff?"

Yes, but see my comment above about the pressure they're under at present.

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By (user no longer on site)  over a year ago

Hey jim..those payments seem really unfair. Have a look at the Martin Lewis website they have a section about payments and debts...lots of good advice and some about this particular company. Take care

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By *oonboyMan  over a year ago

livingston

best thing to do is to read the terms and conditions of your agreement , they will be listed specifically under 'default'

if the terms of this default do not match what they are charging you , they have no right to enforce this under the cunsumer credit act....good luck

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