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Redress refund

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ScottY93ScottY93 Forumite
6 posts
First Post
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? 

Replies

  • zx81zx81 Forumite
    28.9K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    It depends on what your complaint was and what was upheld by Amigo.

    Have you asked Amigo for an explanation?
  • ScottY93ScottY93 Forumite
    6 posts
    First Post
    zx81 said:
    It depends on what your complaint was and what was upheld by Amigo.

    Have you asked Amigo for an explanation?
    Thanks for the reply zx81, we're awaiting an explanation from the on how its been calculated. It was for irresponsible lending which includes the below:
  • zx81zx81 Forumite
    28.9K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    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.
  • ScottY93ScottY93 Forumite
    6 posts
    First Post
    zx81 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.
    As I thought, that's zx81 !
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