partnership
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I had a 5 year loan from a bank. My contract told me to pay x amount per month over 60 months, with x amount to be paid.
I thought it was paid off on 1st July but checked and discovered that there was about 120 outstanding - the full payment which is more would be taken out in Aug and I would be refunded some of it.
So I checked my payments I had paid 60 payments of the x amount agreed which totalled what I was meant to repay. I go to the bank and ask about the 120 still owing and they tell me it is interest before I started my first payment, say that things weren't properly explained blah blah but the calculations are correct. To be honest the loan official was not very nice, very patronising and had no customer service.
I asked to cancel the standing order because I do not want a huge amount coming out in Aug and am disputing that I owe the 120.
My written agreement specifies the amount to be repaid and this would be extra. Anyone been through anything similar.
I thought it was paid off on 1st July but checked and discovered that there was about 120 outstanding - the full payment which is more would be taken out in Aug and I would be refunded some of it.
So I checked my payments I had paid 60 payments of the x amount agreed which totalled what I was meant to repay. I go to the bank and ask about the 120 still owing and they tell me it is interest before I started my first payment, say that things weren't properly explained blah blah but the calculations are correct. To be honest the loan official was not very nice, very patronising and had no customer service.
I asked to cancel the standing order because I do not want a huge amount coming out in Aug and am disputing that I owe the 120.
My written agreement specifies the amount to be repaid and this would be extra. Anyone been through anything similar.