Advice needed, LBL taking me to the cleaners

[lancemate]

Hi guys,

 

I am after some advice about the loans2go company. I took out a loan and surrendered my log book in about may or june this year. The amount i borrowed was £400, I paid the first 2 or 3 months which was around £50 and them ran into some difficulties and could no longer pay. I went about 3 months without paying and they sent me a default notice which nealrly made me fall over - it was for something like £1200.

 

I phoned them and pleaded my case that I could never afford to pay that amount back and they agreed to waive the additional charges in exchange for a £100 a month arrangement. I left my debit card details for them to take the monies on my payday each month. It appears that in the 2nd month of the new arrangement there wasn't sufficient funds on my card and so instead of ringing me to tell me they couldnt process the payment they just marked it down as a default - I didnt find out until the payday after that they hadnt collected the previous month - I rushed to the store immediately giving them £200 in cash explaining that had they rang me to tell me the payment had been declined I would have took the cash straight to the store.

 

They explained that it was not their job to inform me and that all the default charges would go back on, after alot of pleading the lady agreed to take nearly £400 off.

 

I have today rang to arrange my card payment for tomorrow and enquired about my balance, i was astonished to hear that I still owe them £520.00 (with £40 interest being added every month) - I have paid £610.00 up to now meaning I will end up repaying £1470.00 on an initial loan of £400.00 by the time my 8 months of extra interest are added.

 

Is there anything I can do about this? I literally cant afford to give them that much money, truth be told I was half expecting them to tell me that next month or the month after would be my last payment, I'm absolutely gutted.

 

This may be of no significance but my log book is mistakenly registered to Mrs ben marshall instead of Mr (I think the firm I bought the car off ticked the wrong box)

 

I have even considered paying for a new log book and trading the car in but I don't know if they have put some charge on the car like people can on a mortgage

 

Thanks in advance...

 

 

Ben.