Bamboo Settlement Figure Help

Babycatface

Hi,
I need some advice. On the 12 of February I have taken my first loan ever with Bamboo, I now realise that their APR is daylight robbery and I am looking to pay off my loan. Therefor I have asked them for a Settlement Figure. The terms of the loan are as follow:
Amount of Credit 5000.00
Total Charge for Credit 3765.18
consisting of:
Interest 3765.18
Broker Fee 0.00
Administration Fee 0.00
Total Amount Payable 8765.18
Duration: 36 Months
You will pay us 35 monthly Repayments of £243.48 followed by 1 monthly Repayment of £243.38. The first Repayment will be payable one month after we advance the credit to you
with subsequent Repayments to be made on or before the same date in every month thereafter.
First repayment was 1st April 2019.
After asking for my settlement figure, to my horror and surprise they quoted me the amount of £5,446.93. I don't understand how this can be higher than the amount borrowed after such a short time, especially since I've already made a payment.
I have asked them to give me a breakdown on how they get to that figure to which they replied and I quote:

Unfortunately we are unable to provide with the calculations that are used as this is run through our internal system, however we hope the information we have supplied to you coupled with the Early Settlement Statement you received will answer any queries you may have.

All settlement figures are generated in line with the Consumer Credit Act 1974, reflect a rebate of future interest on the account, are valid for 28 days and include any contractual repayment that is due up until the expiry date.

Are they allowed to refuse you a breakdown? Can someone explain to me that figure?

sourcrates

Hi,

You don’t expect them to do all this for nothing do you, I believe they can charge up to 12 weeks interest under these circumstances.

It will all be detailed in your agreement, but you are correct, they should provide you a breakdown of charges.