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Amigo Loans - Change Payment = 10 month loan extension?!


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Hi All,

 

Apologies if this isn't the right place to post this but it was the most suitable heading I could find.

 

In April 2012 I took out a £5000 loan from Amigo with a 60 month term, I know the interest rate is ridiculous and anyone would be stupid to actually use these people but I needed the money and at the time this was my only option.

 

I worked out yesterday that I had 10 months left of the loan and around £2200 left in payments to make but when I checked the statement the balance was £3095 (before they add any interest on for the next 10 months). So I called them this morning to ask what happens to the £900ish that would be left, if they didn't add any more interest. The guy on the end of the phone kindly advised me that I have 20 payments left and I'd made 50 - so 70 payments for a 60 month loan...

 

When I asked him to explain he said it was because of a couple of things:

 

1. they paid the loan out on the 16th April 2012 and the first payment was made on the 1st June 2012 (this was the date they advised me the first payment was due)

2. I've changed the payment date twice, first from the 1st of the month to the 22nd and later from the 22nd to the 28th. I haven't missed any payments, just extended the payment to 3 weeks later and then a further week.

 

With point 1 he said the first payment should have been made within 30 days of the loan payout to 'protect the terms of the agreement' but as I pointed out to him, I didn't ask for this to be the first payment date - they told me that was when the first payment was due

 

On point 2 he told me that changing the payment date would affect the total loan duration and therefore may cost more in interest - I get that - I moved the loan payment by 28 days so instead of the final payment being the 1st May 2017 it would now be 28th May 2017

 

These two things apparently add 10 months to the term of my loan at a cost of 217 a month (£2170 for a 28 day payment change)

 

How can this be and what can I do about this? As far as I'm concerned I had a 60 month agreement with fixed payments and the interest rate was variable - how can they just add 10 months onto the agreement and force me into paying so much extra. As if the £8000 interest on the original £5000 wasn't bad enough :-x

 

Help me please

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