We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Redress refund
Hey all,
Hope your all well and staying safe!
Just wondering if someone has a calculation on how a redress offer is calculated?
We've been granted a refund on an amigo loan (silly idea to take it out originally I know) original loan amount was for £10,000 with the standard interest rate of 49.9% over 5 years. We've made payments of £390 a month for 29 months totalling £11,310 leaving £8,037 to pay. We've added all the interest paid to date which totals to £9,483.85. Amigo have advised that the total redress due is £10,716.67 - £8,429.87 leaving a cash refund due of £2,286.80.
Sorry if it doesn't make sense just trying to figure out how its worked out?

Hope your all well and staying safe!
Just wondering if someone has a calculation on how a redress offer is calculated?
We've been granted a refund on an amigo loan (silly idea to take it out originally I know) original loan amount was for £10,000 with the standard interest rate of 49.9% over 5 years. We've made payments of £390 a month for 29 months totalling £11,310 leaving £8,037 to pay. We've added all the interest paid to date which totals to £9,483.85. Amigo have advised that the total redress due is £10,716.67 - £8,429.87 leaving a cash refund due of £2,286.80.
Sorry if it doesn't make sense just trying to figure out how its worked out?

0
Comments
-
It depends on what your complaint was and what was upheld by Amigo.
Have you asked Amigo for an explanation?0 -
Deleted_User said:It depends on what your complaint was and what was upheld by Amigo.
Have you asked Amigo for an explanation?0 -
Essentially, they're saying you've paid 10k of interest, but still have a capital balance of 8k, so they'll write that off and send you the 2k change.1
-
Deleted_User said:Essentially, they're saying you've paid 10k of interest, but still have a capital balance of 8k, so they'll write that off and send you the 2k change.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards