Ok last year I took out a loan of €5950 to buy a car, I had an agreement that I would pay 10.4 % apr on the loan until I missed two payment because I was away and I've been getting letters treating me with court. I paid everything I owed but I was still getting letters from them I have just been on the phone with them and they told me I owe €900 and I have to pay quarterly interest charges that are based on capital I don't get this. I paid more than I owe on the loan €2556 to date which is above the payments because the first 6 months I had an option to pause the loan so I did. Why am I being charged extra? I had to pay €833 in interest I did not agree too. €2556 - €833 = €1723 and told I owe €900!!!!
They get all of the payments on time just that two month area they still charge me the extra interest, I'm contacting a lawyer tomorrow if the bank is in the wrong I am going to make a claim as I am tired of letters saying they are going to bring me to court.
Ask them to explain it more deeper ( why it increased, how it increased, etc. ) - if they fail, THEN contact your lawyer ..
I don't seem to have much choice but to contact a lawyer as they don't seem to be able to explain the extra interest to me "even the manager!!!!!!!!!!!!!"
lawyer can't do anything about it bank people are very smart and write down all their TOS under fine print and since you probably have signed their agreement you can't do much about it plus i think they are charging interest on the over due payment which you did not payed for 2 months , with some fines too. this is how the thing goes when you take loan. you should be careful next time and pay the installments on time
The interest started before the late payment 8 months no late payments, I've been charged 100 even before the payments started. "these interests are not stated in the contract"