Hi guys

I took out a loan with these guys in March

recently asked for a settlement

the amount was way higher than I thought

however I still paid them off because it still saved me over a grand in interest over the next 15 months.

I have submitted a complaint to the complaints team and done their homework for them

, but was wondering if anybody else has any experience with this sort of thing.

anyone?

How they calc it should be clearly shown on their website

It doesn't say anywhere,

I says the total amount of the Loan and then the fixed interest charge.

I have calculated the figure to work out the over charge from the amount they charged me fixed

then divided it by the 24 months

then see the figure and times it by the 9 months I had the loan for,

then add my loan repayments times 9

and then deduct the two and there should be the settlement

however it doesn't seem to add up

that's why I was asking if anyone had any experience of this?

I have paid the amount they said.

I have complained to 118,

and have had my initial response saying that it can take up to 6 weeks to resolve before I can take it to the FCA.

8 weeks to the FOS

Not the FCA...

However your query - I kind of get what you are getting at...

Are you thinking about things such as front loaded interest?

FKO

No

I am trying to say interest should be calculated over a monthly charge to make the APR

so when you settle a loan early i.e. 15 months early

you should get the 15 months interest off the balance to make the settlement figure.

No it says the FCA,

as below I have copied the email.

I’m really sorry that you’ve been unhappy with our service.

We will be conducting a thorough investigation and I’ll be writing to you again once this has been completed.

We may give you a call/email if we need any more information to help us investigate your complaint.

I would like to assure you that we treat all complaints seriously.

We are constantly striving to improve our services with all our customers and appreciate the feedback you have given.

We have up to eight weeks to investigate and resolve your complaint as per FCA guidelines;

this is not to say our investigation will take eight weeks and please rest assured that we will be back in touch as soon as possible.

Should you need to contact us in the meantime regarding this complaint,

please ensure the above reference is included on your correspondence.

In the meantime, if you have any queries,

please do not hesitate to contact us.

Regards, 118 118 Money Customer Relations team

That's what I mean all interest is front loaded instead of applied at monthly intervals for example.

And hence they applied 24 months in one go. Then when you went to pay it off early you paid for 24 months interest and not just 9 for example.

Yes

Hi guys

 

I took out a loan with these guys in March

 

recently asked for a settlement

 

the amount was way higher than I thought

however I still paid them off because it still saved me over a grand in interest over the next 15 months.

 

I have submitted a complaint to the complaints team and done their homework for them

, but was wondering if anybody else has any experience with this sort of thing.

 

anyone?

I've just opened a complaint with them £2500 loan for 24 months. Ended up clearing the loan after 4 months and paid £830 interest, at the time I was just glad to get out and didn't think about how extautionate that is.

This was around other Loans including payday loans.

Will update if I hear anything

Yes I am still awaiting an update from them but they do have the 8 weeks so they have until the 10th Feb

any luck with this? I'm in a similar boat and not sure whether to pursue it.