Last year I took out a loan for a four figure sum and although it had a 3 month payment holiday they still haven't charged me anything nearly a year later. Has anyone else in the UK had a similar experience and am I likely to get away with it?
2007-01-18 05:05:08 · 6 answers · asked by micktravis 1 in Business & Finance ➔ Personal Finance
It is very unlikely that they will not get around to you eventually. Loan companies do not give it away, they charge interest and if you are not making repayments the interest will be stacking up. However, if it is their error and you have told them about it you can probably argue a good case for them waiving any interest accrued to date. You just need to decide whether to go to them first and have a strong hand when it comes to negotiating or wait for them to rediscover you and have a lot of hassle on your hands
2007-01-18 05:16:24 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No, you're not likely to get away with it. In fact, it may end up costing you more than you bargained for when they start racking up the late fees. If it was interest free for 3 months and it has now been 12 months, you can bet the interest has been accruing for at least the last nine months. Perhaps you haven't received anything about it because you changed addresses or they have an incorrect address for you (the latter happened to me once). If this is the case, you can bet you are still liable. Your best move would be to contact the company. You may be able to negotiate with them to remove late charges since you didn't receive the payment notifications.
2007-01-18 13:31:57 · answer #2 · answered by auskan2002 4 · 1⤊ 0⤋
There is no such thing as a free loan. Didn't they mention a little thing called interest to you. Even if aren't incuring a penalty for none payment they will still be charing you interest on the whole amount. The longer you keep it the more that will be. Unless you want to be paying it back when you are retired I suggest you get on to them quick.
2007-01-18 14:26:56 · answer #3 · answered by gerrifriend 6 · 0⤊ 0⤋
Read the terms and conditions for the loan and that should help you discover what is happening.
My experience is that loan companies and other such crooks never forget and in your case are probably keeping quiet in order to maximise what you pay to them.
2007-01-18 22:22:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Can you track you account online? I would be warey in case the interest or anything is just building up and up?
2007-01-18 13:09:58 · answer #5 · answered by Winnie2004 2 · 1⤊ 0⤋
you may want to check that they havent just forgotten to tell you that their charging you for late payments. load companies never forget!
2007-01-18 13:09:47 · answer #6 · answered by Anonymous · 1⤊ 0⤋