Loan....surely I've overpaid?

[Stressypantsagain]

I took out a 25 year loan, I have paid 15 years so far.
Original loan was £50k plus £12k ppi on top which was refunded as I didn't agree to it.
In 15 years I've paid over £70k and they still say I owe £50k
Surely this can't be right?!!
Where would be the best place to go for advice?

what was the interest rate you agreed to

Suppose it depends on the interest rate.you should have paperwork for the loan which says total amount due to be paid back?

Totally depends on the interest rate you agreed to

Sounds like you’ve been completely ripped off!!!

It’s a lot but the timeline checks out, so it must be very high interest.

I hope it can't be right, that would suggest you've paid nothing off the original loan and only paid interest.

woudl you be comfortable saying what type of loan/who it's with?

My first ever mortgage was for £50k over 25 years. Total repayable £130k.

@Beachsidesunset

My first ever mortgage was for £50k over 25 years. Total repayable £130k.

That's a lot of interest!

Original rate was 6.9% now 6.2%
Was originally with Barclays but was taken over by Elderbridge.

How much do you pay per month

This is a loan calculator screenshot.

How much do you pay per month
£453

Elderbridge are a debt recovery agency, did you default on some payments? That could be a reason why maybe?

Was it taken over by elderbridge as you had missed some payments? Does the amount owed include any late fees/charges?

No defaults. Apparently Barclays and First plus sold alot of debts to Elderbridge. I've been reading some very bad reviews about Elderbridge!

Did the rate ever go above 6.9%. Have you ever missed a payment?
Was the 12k refund used to pay off 12k of the 50k?
Have you got all of your annual statements still? They should show how much it has reduced by each year. Sorry lots of questions!

I had a payment holiday or 2 over the last 10 years which was allowed with Barclays.
I had 3 months off during the first covid lockdown as I was furloughed. Elderbridge offered this.

@Findingneeemo
Sadly the 12k wasn't used towards the loan, desperately needed a car at the time. Still have 7k left tho in savings.
Have never received an annual statement!

The numbers don’t make sense at all. 50k over 25 years should be 323 a month on 6.2%.
The payment holidays will of course increase it.

Did you ever borrow more?
Is it a mortgage or a secured loan or a personal loan?
The annual statements should give you much more info.

You need to see statements, is there an online account you can access ?

For 50k over 25 years (300 months) that works out to 13% amortized interest rate, with a monthly payment of 563. No way it is 6.9%. something is very wrong here.

Was the interest toploaded? (Don't think it's allowed now) but would that be a reason for the higher payments?

Assuming it’s not a mortgage/secured loan have you moved? Is the statement going elsewhere?

You need to call and tell them you have never received an annual statement.

Did you call them to get the figures?

To answer some questions;
No more borrowed.
Nothing online, Elderbridge don't do anything online, it's phone or letters.
Don't have yearly statements.

Thank you all by the way

this doesn't make sense