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Ferratum, help please


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I defaulted on a £300 loan back in Oct.

 

 

Arranged a payment plan which I have stuck too and so far paid off £300.

 

Now they are telling me I need to arrange another repayment plan as that one has expired and I still owe £305.

 

 

When I queried this they said they would waive default charges and make it £272.

 

Now when I agreed the initial payment plan my interest was frozen,

however stupidly I cannot find the correspondence from then so have no proof.

 

Is there a max number of days interest they can charge?

They are saying I originally owed £423.80 from the £300 loan

but then there's 45 days extra interest on top which is £148.50.

..making a total of £572.30.

 

How is interest calculated?

 

 

Would it not reduce as I make payments?

 

 

£148 for 45 days seems steep, especially as I made £150 payment towards during that time.

 

Anyone got any advice?

 

 

If I cant find correspondence do I pay the £272 or just the original loan and interest amount of which there's £123.80 remaining?

 

 

Have I got a leg to stand on?

Edited by BurnCK
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What was the original loan term? Did you ever take any rollovers?

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Well, then after 28 days they should have terminated the contract. They let the lian extend past the agreed date but still piled on out of contract interest.

 

I would try paying back the loan amount plus original contracted interest and let them justify the rest. They can't claim its contracted interest when the agreement and contract stayed 28 days.

 

Its worked for other users on other pdls.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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You make the payment by standing order or postal order, then get them to justify what they say is left owing. I'd like to know how they could justify contractual interest when the contract is terminated after the 28 days owed.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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