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Flmquick - refunded payments as not allowed in credit agreement
Hi all
just wanted to share with you this experience, as it may effect a lot of you.
Short story version....i had a £500 loan with flm quick...some 4 years down the line and i was still paying it back, anyhow i check my agreement and the wording as follows
Amount of Credit: £500.00 APR: 199%
OTHER FINANCIAL INFORMATION
Total Charge for Credit - £361.56, which comprises of a) total interest of £361.55 and b) debit card fee of 1p.
Interest Rate - 199% Per annum (Variable)
This was it no other information, only about late payments fees.
so by my calculation i had overpaid by roughly £1200.00.
made the phone call, they were actually ok, passed it through to a manager and guess what? i had been over paying the loan for this long.
the manager told me it was a clause they missed out on the original agreements.
Log in and check the original credit agreement you may bowed thousands. I have yesterday morning received £1175.94 into my bank account and the account is now closed.
Just thought i would share:j
just wanted to share with you this experience, as it may effect a lot of you.
Short story version....i had a £500 loan with flm quick...some 4 years down the line and i was still paying it back, anyhow i check my agreement and the wording as follows
Amount of Credit: £500.00 APR: 199%
OTHER FINANCIAL INFORMATION
Total Charge for Credit - £361.56, which comprises of a) total interest of £361.55 and b) debit card fee of 1p.
Interest Rate - 199% Per annum (Variable)
This was it no other information, only about late payments fees.
so by my calculation i had overpaid by roughly £1200.00.
made the phone call, they were actually ok, passed it through to a manager and guess what? i had been over paying the loan for this long.
the manager told me it was a clause they missed out on the original agreements.
Log in and check the original credit agreement you may bowed thousands. I have yesterday morning received £1175.94 into my bank account and the account is now closed.
Just thought i would share:j
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Comments
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So there was the original £500 and a total charge for credit of £361.56 = 861.56?
So anything charged and paid over that was not in the contract so was paid back?Still rolling rolling rolling......
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SIGNATURE - Not part of post0 -
Thats right i had over paid by £1175.94, and i got this back on tuesday into my bank :T0
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How on earth did you not know you were overpaying for FOUR YEARS....?
I'm intrigued....LBM July 2006. Debt free 01 Sept 12 .. :T
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.20200 -
Glad someone asked....0
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They were quick to change it then, the variable interest depending upon payment amount is explained in the agreement I had when I had a loan from them (paid off sharpish!).
HBS x"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0 -
ERM i really don't know ....how stupid of me0
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How many more years did you think you had to go ?0
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