Halifax Secured loan help!!

[trim71]

(Edit)

 

My father took out a secured loan in 1999 for £15,000 under the impression it was for 15 years. Over the years he has lost his paperwork. He has recently received a statement from the bank saying he still has 10 years left and has only paid of just over £4000. He has been paying £158 a month for the past 11 years which £107 has been intrest. his annual rate is 11.98% variable. However he has contacted the Halifax to dispute the 20yrs as he didn't want to be still paying after he is 70. He has asked for copies of his agreement. They replied with;

"I refer to your above numbered personal loan and your request for copies of your application and agreement forms.

After checking our records, I can confirm that unfortunately we don't hold any copies of your personal loan application on our file.

I would advise that the amount borrowed was £15000 on 26th july 1999 for a term of 20 years with the final payment date 26th July 2019."

Has he anywhere to go with this? . any help really appreciated.

Edited August 23, 2010 by maroondevo52
Removed links.

[silverbreak]

Hi figures work out for a 20 year loan @11.98%. Pretty crap deal as final amount paid back will exceed £31K

If it had been a 15 year loan then monthly payment would have been circa £175.

As its a Secured loan the Halifax must have some security? I'm guessing that the loan paperwork might be with the charge forms used by Hali .

[citizenB]

 

 

My father took out a secured loan in 1999 for £15,000 under the impression it was for 15 years. Over the years he has lost his paperwork. He has recently received a statement from the bank saying he still has 10 years left and has only paid of just over £4000. He has been paying £158 a month for the past 11 years which £107 has been intrest. his annual rate is 11.98% variable. However he has contacted the Halifax to dispute the 20yrs as he didn't want to be still paying after he is 70. He has asked for copies of his agreement. They replied with;

"I refer to your above numbered personal loan and your request for copies of your application and agreement forms.

After checking our records, I can confirm that unfortunately we don't hold any copies of your personal loan application on our file.

I would advise that the amount borrowed was £15000 on 26th july 1999 for a term of 20 years with the final payment date 26th July 2019."

Has he anywhere to go with this? . any help really appreciated.

 

You can send a Subject Access Request which will cost you £10.00. You should be provided with all information in respect of your financial dealings with the creditor.

 

I find it rather odd that they havent got a copy of the loan paperwork yet can categorically state the terms of the loan Even more so as this is a secured loan.

 

They are obliged to keep all agreements etc for 5 years after the relationship has ended so if it is still in force then they should have the paperwork.

 

You can obtain a template SAR letter in the link below.

 

http://www.consumeractiongroup.co.uk/resources/templates-library/86-debt-collectors/576-subject-access-request-debt-a-dca

 

Amend it to suit you requirements

 

HTH