First post. Yey. (and nay at the same time!)
I got a £250 2 period payday loan from quickquid on 15/11. First payment £62.50 due on 25/11. £312.50 due on 09/12.
I paid £150 today.
I then had the following converstaion with one of their chat assistants, and just wanted to check they weren't fibbing?!
Hello! Thank you for choosing QuickQuid, the UK’s trusted online lender. A representative will respond to you shortly. You are now chatting with Valarie.
James: what is the outstanding balance if i paid it today?
Valarie: Thank you for contacting QuickQuid, the home of Free 1-Hour Funding, including weekends.
Valarie: Thank you for providing that information. Just a moment while I review your account, please.
Valarie: Mr. X hi and one more moment please.
Valarie: I do apologize about the delay and one more moment please.
Valarie: Mr. X the amount that you will pay today will be GBP 147.06 and with your permission I can process your current loan payment now?
James: how did you calculate that figure?
Valarie: One moment please.
Valarie: Mr. X I do apologize about this and that information cannot be disclosed and with your permission I can process your current loan payment now?
James: You can't tell a customer how you calculated a repayment amount? That would give me legal grounds to refuse payment.
James: How did you calculate 147.06?
Valarie: Mr. X one moment please.
James: I'm not saying it is wrong, i would just like to exercise my right to ask!
Valarie: Mr. X please keep in mind that the full balance before the partial payment you made today was at £297.06, however deducting the GBP 150.
Valarie: Mr. X please keep in mind that the full balance before the partial payment you made today was at £297.06, however deducting the GBP 150.00 today that will leave your balance of £147.06 and if you were to pay off on 25/11/2011 in full than the amount will be £147.06.
James: so if i pay today it is £147.06, and if i pay on the 25/11 it is still £147.06?
Valarie: Mr. X yes that is correct and the amount of £147.06 is the reaming principal, however after carefully reviewing your account our records indicate that you have entered into a two pay period loan.
Valarie: If you leave your loan to extent than no payment will be debited on 25/11/2011, however the new balance due on 09/12/2011 will be £183.83 and this is because when entering a two pay period loan you are requires to pay two finance fees plus principal.
James: ok. If i pay back early do i still have to pay the interest on the loan for the original period of the loan?
James: 'interset on the loan' i menat 'fees on the principal'
Valarie: For example if you were to pay off your loan today or on 25/11/2011 than you will save on paying the additional finance fee.
James: ok. but the finance fee is fixed even if a loan is repaid early?
Valarie: Mr. X for example if you were to pay off your loan early you will get a discount on the finance fees.
James: ok, but you said earlier i have to pay 147.06 today, or on the 25th. That contradicts what you just said now.
James: there appears to be no reduction in fees if i pay today?
Valarie: Mr. X for paying part of your loan today of GBP 150.00 you have gotten a discount on the finance fee of GBP 15.00 and yes if pay today or on 25/11/2011 you will only pay 147.06 and this is because you have already paid off the finance fees today.
Valarie: Please keep in mind that the principal will not get a discount, only the finance fees.
James: ok. I understand now. thanks.