Loan Company Miscalculation of Interest

Cornucopia

Have you worked out your own figures on a spreadsheet, or is this a gut-feel thing, because the lenders' behaviour seems suspicious?

It's not a problem either way, but you will be in a much stronger position to have a complaint upheld if you have proof that you have been overcharged.

The figures certainly look strange to me, but there isn't quite enough info in the thread to say for sure.

So, you borrowed £19000 at a fixed interest rate of 14.3% APR? Over what period was that? What were the payments? You made (through their error), reduced payments at 13% APR for a period of time (how long and when?). They are now seeking to add £5975 to the loan account to reinstate the missing interest for that period?

Is that about right?

Tixy

Cornucopia wrote: »

Is that about right?

They were also in arrears for a period between 2007 and 2009.

kyrast75

Hi all and thanks for all the reply's, we havent got all the statements (although i Know that I kept them all and had to send some of to the ombudsman, and sure he didnt send them back) and we have asked for all our info and copied of all statements as we seem to be missing some..... however they are claiming that they cannot provide anything prior to 2010... The arrears and all of the associated monies interest management fee's etc SHOULD have been included in the lump sum payment we made as requested when making payment, however this is didnt happen. The £6000 they have asked for is according to their letter based PURELY on their miscalculation of interest. We have been assured that this is being looked into and i received a phone call late afternoon yesterday to say that it will take no more than 8 weeks, although they are hoping to resolve it sooner. Just got to keep hanging on.

kyrast75

{S we were wrong it wasNT £19000, IT WAS £15350, after the broker fee was added. although there was something about £19000 on there somewhere. ANyhoo, sorry if this is all over with upper and lower case, I have initis and on srops for 2 weeks so cant see the keyboard properly..lol. Thanks for all the help and suggestions guys x