Everyday Loans

Jennifer_Davey

Desperately need some advice!

I took out a loan last May in order to consolidate existing debts. (You don't need my sob story)

I borrowed £1500 from Everyday loans, which i paid back at £160 until February and then upped my repayments to £200 a month in order to pay it off sooner...

Today i have emailed them to ask for a settlement figure as i wish to clear the balance, they have informed me that i still owe £1046... despite by my calculations having already paid back £2080 i feel like somethings wrong here and they're being awful in responding, very rude like i shouldn't be asking these questions.

I don't feel like i was in anyway informed of this before i took out the loan

[Deleted User]

I expect you were. What does the paperwork say?

Failing that, what was the rate and the term?

Money_maker

Try using this loan calculator http://www.moneysupermarket.com/loans/calculator/?p=0&source=GOO-1D7EC20E&mckv=sdJmATTOE|dc_pcrid_78963687629_mtype_e_kword_loan%20calculator_2764ri918980&uuid=36EE17FD-CEAF-4719-B21A-FAE9EF112E46&Device=c&gclid=CjwKEAjwh6SsBRCYrKHF7J3NjicSJACUxAh74VDVENrjbA_If_XbrsxYfsgMqCDnlYAsjW5A4dfHPRoC5-rw_wcB

Interest rate is typically 74.4% from this company. Probably best to ask for a statement from them showing payments and interest. Then pay off ASAP.

andyfromotley

Hi Jenifer,

what does your paperwork say from the original loan? What APR are you on?

Ime of being on these forums for a while it is highly unlikely that the company will have gotten the calculations wrong. It is very likely that you have an horrendous APR and when you took out the loan were probably in a bit of a jam and just looked at the monthly repayment without looking too closely at the detail.

It sucks, but these companies deal with the desperate and needy and charge pretty heftily to do so. Work like billy -o and get that thing paid off. YUK!!!

dresdendave

OP, if you want anyone to advise as to the accuracy of outstanding balance you need to quote the APR and term of the loan. Also, was £150 the scheduled repayment or a figure you chose to pay?


Remember this type of loan tends to have a very high APR and a lot of your repayment will be to cover the interest and only a small amount of it will reduce the outstanding balance.

Regardless of the less than helpful attitude of some of their employees it's very unlikely you would not have been advised of the APR when taking out the loan.

Jennifer_Davey

Thanks for everyone's replies! I decided to use some savings to clear the balance and get rid of the monkey on my back about it all!

They completely refused to send me proof of the calculations and the payments i had made so far. I just wanted rid of any connection to them!

AndyPix

Jennifer_Davey wrote: »

They completely refused to send me proof of the calculations and the payments i had made so far. I just wanted rid of any connection to them!

Surely that cant be legal ..
I would request the details again, in writing, recorded post ..

Stevie_Palimo

If you request a statement that shows the loan start date and all repayments made together with any balance outstanding they have to provide this to you, Write to them again and say you will take this to the FCA and FOS unless it is provided within a certain period ie:- 7 days.

Pixie5740

Jennifer_Davey wrote: »

Thanks for everyone's replies! I decided to use some savings to clear the balance and get rid of the monkey on my back about it all!

They completely refused to send me proof of the calculations and the payments i had made so far. I just wanted rid of any connection to them!

Very wise. There's no point having savings whilst repaying a loan with a high interest rate (Everyday Loans' website states a representative APR of 74.4% :eek:)