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Duplicate Interest Payments

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Hi Folks

 

Quick one...

 

Say I'm due to make a payment on a loan and I miss it, Naturally that would be a payment missed etc...

 

However, does the company then have the right to attempt to take payment at the end of the loan agreement and add a 2nd amount of interest even though the first payment had interest added to the original balance?

essentially doubling the interest on one payment?!?! Eg in this case for me;

 

£50 Loan Payment

£69 Interest on top

 

-- Payment Missed --

 

Payment Attempted again but with £69 extra interest on top of the payment taken above

 

If you dont get it then i will try to explain better but Im soooooo confused right now :/

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a loan is a fixed rate of int surely

look at the agreement.

 

dx


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a loan is a fixed rate of int surely

look at the agreement.

 

dx

 

 

Yeah well I've had Cash Converters on come back to me and say they are legally allowed to do this as above...

Im inclined to agree it is a fixed rate of interest... But i dont understand how they have been able to do this...

 

As you are aware, to date no payments have been made to your personal loan account and the difference you refer to in your email (£250.00), is a result of extra interest charges being applied to payments that were overdue

This is detailed within your contract which specifically states “If any money due from you was not received on it’s due date we can require you to pay us interest on that amount”.

 

That email was sent by them recently to me...

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