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james bruce
james bruce, Solicitor-Advocate
Category: Law
Satisfied Customers: 5089
Experience:  Owner at James Bruce Solicitors
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I have a loan company trying to take me to court for £1500

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Hello! I have a loan company trying to take me to court for £1500 of late payment fees. It was a daily loan and any missed payments were charged at £25. I signed the contract but then we ran into financial distress and couldn't keep up with our payments. It's likely that we will have to declare insolvency once the pandemic is over. Will this case stand up in court if they choose to take it there? The loan was guaranteed by me.
JA: Where are you? It matters because laws vary by location.
Customer: London, UK
JA: What steps have you taken so far?
Customer: I have responded to the initial solicitors letter asking them to clarify the charges are what they are threatening legal action over.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No that's all thanks
Customer: replied 1 year ago.
The loan itself has been paid in full

Hello sorry to hear what has happened.

The fees would stand because the taxes would have been explained and accepted by you when you took the loan.

you could contact the company, explain your situation, see if you can negotiate a reduction in the amount of fees that are claiming and agree a payment plan.

Inform them you would need to go bankrupt otherwise then they get nothing.

They can only say no. But could agree reduction in amount and a pay plan. At least this way, if they did take it to court, you could then show that the actual loan has been paid off, this amount is only late fees and that you have tried to negotiate with them but they refused. This would be good for you in court.

Can I assist further . Do com back if you need more advice on this.

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