Wageday advance help.

shortbread8

Yeah I've noticed it's not on the website now. When I took it out it was available as well as the single repayment loan. I'm so sure I clicked six months that six months was the only option. It was ridiculous paying that much for six months I would have never agreed to 18months. I did this all online so never spoke to someone.

pvt

shortbread8 wrote: »

It says 342 annually.

I've worked so hard to clear my debts and build my credit file don't want all this to ruin it

342% is approx 0.937% per day.

At that rate you would still clear a £500 loan in just over 6 months with a £166 monthly payment.

EDIT: The above assumed monthly compounding - it appears they are compounding daily so that is incorrect.

wiltsguy_2

Get staright on the phone to them, it's likely to be a mistake and could easily be resolved, call them and let us know what they say

shortbread8

Ringing them now wish me luck!

dealer_wins

It has to be a mistake, take screenshots of what you can in case they doctor your account!

pvt

My calculations assume it is compounded monthly. If, at .937% it is compounded daily then it would suddenly take 13 months or more to pay the £500 off at at £166 a month.

It if difficult to do these calculations when the rates of interest are so high, very tiny differences such as whether a month is 30 or 31 days have a significant effect, as does the length of time from when you took the loan to your first repayment.

shortbread8

I've spoken to a manager. She said they don't offer six months I said I was led to believe it was six months. She said if pay it today it's 669 to clear the debt. If I pay next month would be 149 more as interest is £4.99 a day.

pvt

So they are compounding the interest daily.

My advice is to pay it off straight away, then make a formal complaint that you were misled by their website and believed it was a 6 month loan.

Just make an obvious point - how can it be £669 to clear the debt? The loan was £500, and the monthly repayment was £166. The outstanding loan can never be more than £666, or else it is increasing and will never be paid off.

It does look as if they're rather unscrupulous. They have given you a loan with 'close to' interest only repayments.

shortbread8

I can't afford this month to pay it off would have to be next month. Is there anyway I can make them drop the charges down or anything? Think I might ring citizens advice see what they say.

wiltsguy_2

just been on there webiste and can't find any reference at to 6 or 18 month loans, just a PDL! Robbing B*******S, i agree pay it off if you can today to save on there heavy interest, but do appeal/complain