Amigo loans 24 month turned into 26??

TadleyBaggie

Don't forget the first payment would have been a month after taking out the loan. So if the loan was taken out in March, the last payment would be April.

jonesMUFCforever

I agree with previous posters + a few months where the payments were late a charge would have added to the loan , to which interest has been accruing ever since.

pete_pamplemoose

Defo made 23 payments, of an agreed 24 month loan.

24th payment due 2morrow, leaves 470

pete_pamplemoose

jonesMUFCforever wrote: »

I agree with previous posters + a few months where the payments were late a charge would have added to the loan , to which interest has been accruing ever since.

AS an example, the intrest 2 months ago was around 26 quid, me missing the date by 2 days is hardly going to add 400 quid on it is it?

Amigo dont add charges, just intrest.

pete_pamplemoose

it must be an accumulation of the first payment being 6 weeks instead of four, through no fault of mine, and the date change, adding 20 days intrest to that paticular month, however still seems way high.

pete_pamplemoose

ill know 2morrow one way or another.

[Deleted User]

pete_pamplemoose wrote: »

Never any question of me not paying, even now looking like ill have to pay this xtra, just galls that after repaying so much for the agread amount of time i now have nearly 2 xtra repayments to make for having done very little wrong.

If it wasnt for the guaranteur they wouldnt see penny one i can assure you.

Oh dear! If you bothered to do your research you'd find I'm most likely to agree with you, I hope the FOS takes notice

Sometimes paying over gives you the privilege as well was largely my point

jimmy*c

To be quite honest, I would fork out the outstanding balance and be done with the shoddy company. You don't want anything to do with them - Go ahead, read reviews. Pay this last bit and put it down to experience never to take out a high interest loan again.

Gaz83

A yearly interest rate of 49.9% works out to be a daily interest rate of approximately 0.14%.

Borrowing £5,000 on the 15th February with the first payment not being taken until the 10th April means you would have had 54 days of interest accruing before you even started to make repayments. That would have added on £383 interest right before you even started paying.

xHannahx

Moving the due date 20 days later would have resulted in 20 days additional interest at whatever the Balance was at the time,
20 days at 0.14% would be 2.8% of the account balance at that time. If it was early on when the balance was close to £5k you'd be looking at around £130-140 additional interest there alone.