Hi

I agree with the second post, be very careful, the fact is they hold the original agreement signed by you!

You should be able to request from them a breakdown of your monthly payment, what is interest and what is actually coming off your loan. I think the only way to make a dent in it it to overpay on a monthly basis, even if it is only a small amount each month.

Be very carefull, its secured against your home.

Hi, Im trying to get rid of the great big rock around my kneck pulling me down otherwise known as the sub prime lender loan. I took out a loan on my home in 2005 and they are charging me astronimcal interest each month. Anyway to cut a long story short i asked for a copy of my origional loan application and agreement which i made them fax over to me as well as send me a hard copy through the post. I got it today and noticed that the credit agreement had been signed by me but not by them or dated by them. Also the PPI payments had been added to the loan amount for the term of the loan which i also hadnt realised. Am i correct in saying that this loan is therefore unenforceable. I do hope so as the interest they are charging every month means i will never be rid of it and will just be increasing my arrears every year. Does anyone also know how to work out what the interest is they should be paying. According to my agreement it was 15.5% for the first month then 9 after that. I am currently being charged £113.00 interest per month and an additional interest of £112.00 per month. Some months have been higher. The loan was for £15,000 but apparantly PPI was added to it making it £17,500. Any comments please would be gratefully recieved thanks