In need of a little help please

Match123

Hi
Can some one help me please I trying to work out what the amount would be for 8% statuary interest added on a payday loan of £856, I really don't understand anything about it.

foxy-stoat

I do not know what "8% statuary interest" is but if you want to work out how much interest you will pay on 8% APR for a loan of £856 we would need to know over how long and what the monthly payments are.

"8% interest" and "payday loans" are not normally read in the same sentance - more like 500-2000%.

Gaz83

I'm willing to bet OP has a payday loan, is refusing to pay it back due to the interest charges that they didn't pay attention to at the time, and are now trying to pay it back using only a 'statutory' amount of 8% interest (wherever that figure has come from).

Match123

Gaz83 wrote: »

I'm willing to bet OP has a payday loan, is refusing to pay it back due to the interest charges that they didn't pay attention to at the time, and are now trying to pay it back using only a 'statutory' amount of 8% interest (wherever that figure has come from).

Nope you are wrong! I paid payday loan all back I'm willing to bet they owe me money.

Stevie_Palimo

It is not rip off at all as in your time of need you turned to a lender that was willing to loan you money when nobody else would.

8% would be against redress due to you so lets say you had a loan of £500.00 and paid interest of £356.00 for arguments sake and of this they offer you £250.00 in redress against charges then you would be due the initial figure plus the 8% per anum so an extra £20.00 on top taking it to £270.00.

Match123

I took these loans back in 2012 with Apr 830.11% for reasons I don't have to justify just wanted a little help.

bsms1147

I don't understand what you're asking.

Match123

I am trying to get back intrest and fees on loans took out in 2012 financial Ombudsman told me to ask for refund of £856 and 8% statuary interest on top what amount would this be?

Stevie_Palimo

Match123 wrote: »

I am trying to get back intrest and fees on loans took out in 2012 financial Ombudsman told me to ask for refund of £856 and 8% statuary interest on top what amount would this be?

If your loan total with costs added up to 856.00 you will not receive all of this back as I explained above it is costs only so the interest could be a few hundred and they may offer part or all of it then that will be x the 8% per anum if accepted so lets say as follows below in simple terms :-

Loan amount £500.00
Costs involved £356.00
Total amount repaid £856.00

Possible claim amount will be if accepted of up to the full interest but lets again say a figure as per below :-

£250.00 plus the 8% per anum of £20.00
plus 3 additional years is as per below :-
£270.00 plus 8% is £291.60
£291.60 plus 8% is £314.93
£314.93 plus 8% is £340.12

[Deleted User]

Match123 wrote: »

I am trying to get back intrest and fees on loans took out in 2012 financial Ombudsman told me to ask for refund of £856 and 8% statuary interest on top what amount would this be?

I doubt the Ombudsman told you to ask the company for that.

If you have complained to the FOS and they rule in your favour, THEY will require the company to pay you the amount due, plus 8% interest per year.

So, if they owed you £100 a year ago, you would get £108 now. If it was 2 years ago it would be £8 interest in year 1 then £8.64 in year 2.

iolanthe07

'Statuary Interest' doesn't make sense. Do you mean 'statutory interest'?