Loan monthly repayments changed after pre-contract accepted

m_dav

Hi

I recently took out a short term small loan and was quoted 1 monthly instalment amount of £206.73 and a final instalment amount of £120.04

I was emailed the Pre-Contract Credit Agreement showing these figures, which states

"The loan you are considering is for £300. You will repay this amount by paying 1 instalments of £206.73 and a final instalment of £120.04.

The total amount you will repay under the agreement (assuming you pay on time) is £326.77. This is made up of the amount of credit and the amount of interest. These amounts are shown in the SECCI and in the agreement."

I though this was quite reasonable so i went back to the website and accepted the loan on those terms.

After accepting they then sent me (a few hour later) a Fixed Loan Agreement document. I saw the email a few days later but didn't read thought the attachment.

It is only now when i am due to day the final instalment on the 26th i have gone back and checked over the documentation i have noticed the second Fixed Loan Agreement document they sent me has a higher value for the final instalment, of £206.26

I have spoken to the loan company and they insist this is the final value that I have to pay.

Please can someone advise that I am correct in that they cannot change the repayment amounts given in the Pre-Contact after I have accepted the loan?

Many thanks

PeacefulWaters

A pre-contract isn't a contract.

It would appear you didn't read the contract.