Bank bigger loan than needed

[paqmusic]

Hello,

 

I have taken a loan from Lloyds TSB 2 months ago. It was to consolidate a £4K debt (high apr). The guy that sold me the loan said that in order to get a low apr I should get a higher loan. I told him that I was planning to pay it off early and he suggested that I don't touch the money apart from the actual consolidation amount. I took a £15K loan at 11% and 3 month buy now pay later.

 

I came into the bank today to pay it off early and I was told that I had to pay additional £670ish in fees. so all in all £15670. I was told that the fees would be minimal. I complained that I have been missold the loan and have a meeting with the manager this week.

 

Now the guy that sold me the loan called me couple hours after my visit and it seemed he tried to convince me it was ok and the other guy was wrong about the fees. It seems to me he was worried that he messed up.

 

Any similar situations/any hints how to sort it out? Would finance ombundsman help? If I knew these fees apply I would have never taken the loan - the seller convinced me it was the right way forward which clearly it isn't.

 

Help! (Many thanks)

[dx100uk]

well done

 

he was wrong

 

also what was the debt you refinanced, has that got fees or ppi too and was it with Lloyds as well?

 

dx

[paqmusic]

It was a Closer Motor finance loan (motorbike). The Lloyds guy wrote "motorbike purchase" in the big loan notes even though I told him its a consolidation. Also, he knew I'm paying it off early and the other Lloyds guy said they would give me a loan if they knew that.

 

So what should I say to the manager when I see him?

 

p.s. i dont think there is any ppi on the motor finance as I specified I didn't want it.

[citizenB]

Was there any PPI on the new loan ?

[Klandestine]

That's not mis-selling.

You're just not paying it off in a way which would avoid "higher" charges - you can search yourself about how to do this

 

There would have been no PPI on the new loan.