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Satsuma - Early Settlement in arrears.

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Hi,

I’m trying to help someone out with their finances and she has a loan with Satsuma that she has never made a payment on!

Details of the loan are:

Satsuma Loan
Issue Date: Sep 2018
End Date: Sep 2019

Amount: £900  
Repayment: £1792.80 (12 x £149.40)

 

Rate of interest that applies to the credit agreement: 99.20% per annum (fixed)
APR 315.7%


Balance: £1792.80 
Arrears: £896.40
 

I’ve spoken to them on her behalf and requested a settlement figure.

 

They have quoted a Settlement figure of £1,602.02 (for settlement 30/04/19)


To me this does not seem correct, I questioned this to be told it’s a system generated settlement and that they could not provide me a breakdown of how this is calculated.

They said that I can check how it’s calculated by going to this site:

http://www.legislation.gov.uk/uksi/2004/1483/schedule/made

Can anyone tell me if this figure is correct, as I can follow the information on the link.

I was thinking it would be no more than £1500?

Thanks in advance

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