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Advice on loan over-payment

  • 14-03-2011 12:39am
    #1
    Monolan
    Closed Accounts Posts: 5 ✭


    Hopefully someone can give me some advice on this.
    Story is that i got a loan about 5 yrs ago of 4grand & then about a year
    later i got a top up on that loan of 6grand, the total amount advanced to me was agreed at 10grand.

    So things went on for 5 yrs paying off the loan & recently i reduced my payments, as with the times with no work. But just the other week i realised that in the 5 yrs they never sent me a yearly statement, so i rang them & request a statement for every payment & i added up what they
    advanced to me & the total was just over 11grand.

    I was wondering is this illegal? as them giving me more money will keep me in the loop for longer & get more interest of me. The Culprit is GE money.

    Thanks


Comments

  • #2
    Arciphel
    Registered Users, Registered Users 2 Posts: 2,843 ✭✭✭Arciphel


    OP did you consider the "extra" money you repaid could be the interest on the loan?


  • #3
    Monolan
    Closed Accounts Posts: 5 ✭Monolan


    No it is not the interest, its the total amount of the lump sums they
    advanced to my bank account, it was in 3 sums over a yr, i have
    already payed 3grand back on interest, i cant believe its being so much.


  • #4
    Arciphel
    Registered Users, Registered Users 2 Posts: 2,843 ✭✭✭Arciphel


    Oh ok sorry I misunderstood you there, reread your post. So they lodged extra in your account against your wishes/without your knowledge? Sounds like similar rules as when an employer overpays wages, if you can show you didn't notice the error and no longer have the money then I would say you are in the right OP.


  • #5
    Rebel1977
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭Rebel1977


    Look at the letter you got when you signed the loan to see the total amount of credit u were advanced


  • #6
    Monolan
    Closed Accounts Posts: 5 ✭Monolan


    Yeah the last letter i signed was for 10grand total amount advanced, but they advanced over 11grand.


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