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I applied for a payday loan at Capital Finance One and received 300 pounds for the cost of 117 pounds. When it was supposed to be paid back I was given the option to defer the loan by paying the 117 pounds. Later I added 140 pounds on two occasions and I have now had to pay back in total 1605 pounds for a loan of 580 pounds over 3 interest periods.


Essentially what is going on is that I have paid the interest, but it's never deducted from the balance when you defer it. They admitted on the phone today that I could have paid it off and reapplied again in order to avoid these fees.


My question is, if I have signed one of these agreements (obviously not reading it properly), can I somehow go anywhere with this complaint and get some of the money back that I believe I overpaid, even by payday standards?


Why is the interest paid not taken off the balance when deferred - it's unreasonable and I don't know any other company that has charged me in this way?


Kindly some advice please.

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Sounds like theyre trying to double dip on the interest.

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It would seem that's how they operate, there's a couple of cases like this on the forum. However, by doing this they are altering their published interest rate. How much have you paid them altogether?

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I took the loan by mid-jan 2012 for 300 and then I have topped up for 140*2 in February and March. Interest end of jan was 117, end of feb 217, end of march I paid the full amount of 1270.78 (interest 356.55). In total that is about 1605 pounds over 3 interest periods for a 580 pound loan. It'a a bit odd not to deduct the interest when I have paid it.


If they would have deducted the interest I paid off, it would have cost me 1094 pounds according to their flat monthly interest of 39%.


Not happy that I wasn't careful enough here.

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