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Ash
Ash, Solicitor
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Requested to double my loan instalments in order to pay up

Resolved Question:

Requested to double my loan instalments in order to pay up early. Agreement drawn and signed, but later money is retuned back stating I m over paying. Have paid four monthly instalments so far without fail. Please help highly frustrated by whole issue.
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,

Have you not queried the money being returned when there is an agreement in place for you to repay early?
Customer: replied 2 years ago.
Queried that agreement received late. There were issues needing clarification before signing and when I questioned them on certain phrases, they were not willing to explain , informing me that those responsible for the drawn agreement are not contactable even by phone. Directing me to contact citizens bereu, but argued that they need to explain first as the writer of the letter then if not satisfied will seek legal advice! I finally signed and sent that off but no instalment was missed started on agreed date. They then said they received my agreement late no longer willing to go with it. So far have not taken any money sent back! Started on 1st October 2014.
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
Is this for a loan with a bank please? If so when did you take it out?
Alex
Customer: replied 2 years ago.
This is secure loan with the bank and took it out in January 2007. I have been paying since then and have never missed payment. (Security is the house)
Expert:  Ash replied 2 years ago.
Under the Consumer Credit Act 2006 a lender can NOT stop you from overpaying.
As you say a contract was drawn up and signed. They can't actually refused repayments.
What you need to do is write and formally complain. They will investigate the matter and report back to you. If you are not happy with that response then you can complain to the Financial Ombudsman. They regulate and consider complaints as they are independent. You can use this free service at: www.financial-ombudsman.org.uk
But they cant refuse repayments or overpayments under the Consumer Credit Act 2006
Can I clarify anything for you about this today please?
Alex
Ash, Solicitor
Category: Law
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