As I'm nearing to my last year of my loan.
I just thought I take a closer look at my statement this month.
OH MY WORD!
I took out a £20k,
108 month secured loan on my property in Oct 2007.
Up to now, I am up to date.
From 2007-2011, on 4 occasions I made late payments.
Some arranging from 4days-2 weeks late.
From Feb-Dec 2012 I lost my job, and fell into arrears.
But within that period, I managed to make 4 payments which covered 4 months.
And because I was able to find a new job, in December I paid off the remaining arrears.
Since then, I have never missed a payment and my account is up to date.
on checking my statement, and balance.
I was assuming my balance would be near the £3763.68 mark (12 x £313.64) as I have 12 months left.
But to my astonishment and disgust.
My balance is showing:
Balance Outstanding: £7954.99
Repayment Administration Fee: £195
Total Redemption Figure: £8149.99
Cost & Charges: £1570
Buildings Insurance Charge: 959.18
I rang them up, and told them to send me the breakdown of charges and fees.
They consist of:
Building Insurance - £959.18
Building Insurance Block Policy Charge - £130
Dishourned Reciept Charge - £35 x 5
Letter - £30 x 5
Collections Telephone - £35
Monthly Charge Arrears - £42 x 13
Visit Costs - £100
Land Registry Priority Search Legal Charge - £6
Land Registry Office Copies - £4 x 2 (on the same date?!?!)
Issue of Possession - £49
Online Issue Fee - £100
Court Preparation Fee - £57
Legal Costs - £162
Can someone please help me.
Is this even legal?
And what is this charge I have for Building Insurance/Block Policy Charge.
Even if I minus all the fees/charges.
The balance does not even add up to the 108 month loan agreement.
Any help would be great and much appreciated.