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Hi all

 

I'm after a bit of advice if possible.

 

I recently entered into a self managed DMP.

 

I borrowed £1000 in June and made the first three payments with no issues.

 

I have since set up an agreement to pay £7.

 

Am I right in thinking that the interest was front loaded?

 

My balance is somewhere in the region of £1900 to repay.

 

Would it be fair to ask them to only calculate interest to the day I asked them to stop interest and charges?

Or am I completely wrong about this?

 

Thank you for you time.

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I’m following this as my interest was also front loaded and I have entered into a DMP with StepChange. I would agree that other creditors had frozen interest whereas Satsuma will end up receiving all their interest due to front loading. I will be interested to hear anyone else’s thoughts on this.

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Go find the loan agreement and post it up minus personal details. Most PDLs / Installment loans are front loaded from memory.


 

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I've just searched my inbox and can't find any trace of it unfortunately.

 

Never mind - was just a thought that I had but if that's the normal process then that's fine.

 

Thanks for your help

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Satsuma are one of the few companies to front load - most others do indeed charge a daily rate.

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