Satsuma Loans - Redress Confusion - Please Advise

clickyfeet

I currently owe about 1280 in one loan and 383 to another for satsuma, they have admitted fault in lending me two loans at the same time.  The only thing that is confusing me is that they have written off the debt and will update my credit file. Does this mean that they will remove all information and defaults to do with the company for the wrongful lending?

Also what does this mean?

redress - 693.19
notional interest 8% - 295.14
Income tax - 59.02
Redress retained - £424 - Is this to settle the outstanding balance? 
Cheque Amount - £505.31 - Is this the final amount? 

Many thanks!

Willing2Learn

Hi and welcome to the forum 

Satsuma should refund the interest and charges that you have paid, adding 8% simple interest.  The total amount due to you by cheque is nett amount left over after settling the loans.  

All negative markers on your credit files should also be removed.

clickyfeet

Does this mean that all of my missed payments that I had to them showing as defaults in the past will be gone with it? 

Willing2Learn

Yes, correct