FOS outcome

Legacy_user

Hi, I have received a response letter from the FOS following a Myjar complaint. The adjudicator has upheld all 5 loans (4 paid and 1 currently owing £1045).
They have said in the response “You should add together the total of the repayments made by myself towards interest, fees and charges on all upheld loans without an outstanding balance” does this mean the four loans I have paid in full the actual loan amount paid back is including rather than just the interest?

These are the loans:
Loan 1 £725 paid back £748.46 10th October 2018-15th October 2018
Loan 2 £1100 paid back £1157.75 15th October 2018-30th October 2018
Loan 3- £650 paid back £654.22 12th November 2018-13th November 2018
Loan 4- £500 paid back £507.50 14th November 2018- 16th November 2018
Loan 5- £1200 currently have £1044.99 outstanding have paid £93.04 in interest/charges so far.

Please could you also help me work out roughly how much I will be refunded?

Tia x

sourcrates

Hi,

It’s only interest, fees and charges you’re refunded, not capital.

So deduct the initial cash loan amount from the total paid, and that will be what you get back.

You will also get 8% statutory interest on top of the final total.

Although if you have an outstanding debt, they may just deduct your refund from what you owe.

System

Hi Sour crates,
Thank you for reply. Another question, if I have previously complained about a payday loan company and they wrote off my outstanding £200 balance, can I still take this to the FOS? As I have had around 30 loans with them.

Thank you x

sourcrates

Confused990 wrote: »

Hi Sour crates,
Thank you for reply. Another question, if I have previously complained about a payday loan company and they wrote off my outstanding £200 balance, can I still take this to the FOS? As I have had around 30 loans with them.

Thank you x

Not really, writing off the balance is likely to be more than you would get back in interest from another complaint, plus you must go to the FOS within 6 months of their final response otherwise you lose the right.