duane
New Member
Posts: 0
|
loans
May 24, 2007 11:37:25 GMT 1
Post by duane on May 24, 2007 11:37:25 GMT 1
I never knew taking out a loan could be so much of a pain in the butt...
I've filled in the same questions about 10 times over the phone, paid a deposit of £50 then filled in the same questions in a form and sent back two weeks ago. and still havn't heard anything from the loan that I asked for...
bah.
|
|
|
loans
May 24, 2007 11:47:27 GMT 1
Post by admin on May 24, 2007 11:47:27 GMT 1
Hi Duane
Which company are you getting the loan with? I've never heard of having to pay a deposit for a loan? Is it for a specific piece of equipment, i.e. hire purchase rather than a straight cash loan?
bb Rhiannon
|
|
duane
New Member
Posts: 0
|
loans
May 24, 2007 13:56:56 GMT 1
Post by duane on May 24, 2007 13:56:56 GMT 1
nop its cash, i think it was nortion finace however u spell it, will have to double check with sister.
|
|
|
loans
May 24, 2007 14:01:14 GMT 1
Post by poshfrock on May 24, 2007 14:01:14 GMT 1
we have had loan with lloyds bank and never had to pay anything. they pay us the amount we require.
think i would look into that
poshx
|
|
|
loans
May 24, 2007 14:45:17 GMT 1
Post by admin on May 24, 2007 14:45:17 GMT 1
Hi Duane
I'd definitely look into it. With loans, normally the first payment isn't due for four to six weeks from the date of the loan.
bb Rhiannon
|
|
|
loans
May 24, 2007 15:37:54 GMT 1
Post by wyrdewood on May 24, 2007 15:37:54 GMT 1
Hi Duane,
Up until last year, I was a manager of a, well known, bank. You should not be paying anything upfront. The first repayment cannot be taken for at least one calendar month from the drawdown of the loan. Take some time online to read about the Consumer Credit Act and your rights or consult the citizens advice Bureau if you need anything explaining.You are most likely dealing with a finance company. Whilst this is okay, you should check the rate of interest and terms and conditions of your loan. They are almost always higher and restrictive, respectively. I hope this helps BB Julian
|
|
|
loans
May 24, 2007 15:56:02 GMT 1
Post by admin on May 24, 2007 15:56:02 GMT 1
Thanks Julian
Do you know if there's anything Duane can do if he has been mis-sold a loan?
bb Rhiannon
|
|
|
loans
May 24, 2007 17:24:01 GMT 1
Post by wyrdewood on May 24, 2007 17:24:01 GMT 1
Yes, every credit agreement is covered by the Consumer Credit Act. If you go to the Citizens Advice Bureau they can help explain it to you. It is the responsibility of the loan arranger to make sure that the loan is appropriate to the needs of the customer. There are strict rules governing all lenders and the loans they give out. This includes the use of unreasonable interest rates and charges.
Most times a lender will tend to use finance jargon. The CAB are excellent at putting this in terms that are easier to understand.
|
|
|
loans
May 24, 2007 19:26:05 GMT 1
Post by gwenifer on May 24, 2007 19:26:05 GMT 1
Sounds like he hasn't gone through a bank, lots of companies will make unsecured loans but charge you a fee which has to be paid up front. Mostly the fees are about £30, or 3% of the loan if its over £1,000. I have seen adverts for them on the buses and I think 'What a rip off!!' On a loan of £500 you are paying back something like £40 per week.
|
|
|
loans
May 24, 2007 22:17:12 GMT 1
Post by wyrdewood on May 24, 2007 22:17:12 GMT 1
Thats right. I think Duane mentioned it was Norton Finance. They mainly do unsecured loans.
|
|
|
loans
May 24, 2007 22:49:16 GMT 1
Post by gwenifer on May 24, 2007 22:49:16 GMT 1
In which case you have 30 days to change your mind Duane, I think it might be a good idea if you were to write to them and cancel the agreement and get your £50 back!!
|
|
duane
New Member
Posts: 0
|
loans
May 25, 2007 9:42:48 GMT 1
Post by duane on May 25, 2007 9:42:48 GMT 1
i've got a meeting with my bank, and i'll have another word with my sister about canceling the agreement with the loan company.
in all of this?, i've learned a VERY important leason here ..
|
|
duane
New Member
Posts: 0
|
loans
May 25, 2007 15:16:04 GMT 1
Post by duane on May 25, 2007 15:16:04 GMT 1
i went to the bank today and got a loan out for 0% interest for a year which i think is good. I just have to pay it all back by the end of the year now
|
|
|
loans
May 25, 2007 15:28:46 GMT 1
Post by admin on May 25, 2007 15:28:46 GMT 1
Wow - 0% interest is very cheap for a loan. Well done for sorting it out.
bb Rhiannon
|
|
duane
New Member
Posts: 0
|
loans
May 25, 2007 15:33:11 GMT 1
Post by duane on May 25, 2007 15:33:11 GMT 1
it was more of a cc then a loan but works on the same basis, they credit it for whatever i want then i can use it, I just have to make sure i don't go over it.
i'll just snip it once i've used the amount given
|
|