Loan paid extra payment request

ScarletCraigy

I had a 36 month loan with Avant Credit UK which I paid in full across the term of the loan. Following the final payment they say I owe a further payment of almost £70 to ‘close the account’. They are not responding to any requests for explanation. There have been no late payments/payment holidays.  Does anybody have any advice on how best to deal with this?

[Deleted User]

Keep trying them.

DCFC79

You tried a letter ?

TadleyBaggie

It's common for loans to have a fixed fee at the end of the term, have you got the loan paperwork?

jonesMUFCforever

A quick search via Google suggests they charge an administration fee - the site does not state what this fee is but my guess is that it would be £70.
It also does not state whether it is taken at the beginning or end of the loan and the site now states it is not open for new loans. Maybe this is why they are not getting back to you - laid off perhaps?

ScarletCraigy

Thanks. The admin fee was at the start of the loan. The contract states a first higher payment to include that and then 34 payments of £231.98 with a final payment of £231.99. All have been paid in full on time via auto pay so that’s why I’m at a loss on this extra payment. 

sourcrates

Avant credit almost went to the wall a couple of years ago, they were only saved at the last minute by a massive cash injection from their US based venture capital backers, since then they have struggled, they have long standing issues regarding allocation of clients payments, sending wrong information, not dealing with customer enquiries, etc the list goes on.

They are also been targeted by fraudsters using their FCA registration on a fake website, under a similar name.

Its unclear if they have ceased trading, as no information is available, i would be tempted to hang fire on the £70 payment, as if its not correct, and they have gone bust this time, you will not get it back.