Secured Loan with Evolution - No Statements

Livvipivvi

Hiya all,

We are around half way through repaying a £9k secured loan with Evolution Money. The loan has a variable interest rate, was taken out over 6 years and had a ridiculous amount of admin fees added to it, but we went for it anyway because our credit score had taken a beating due to my husband’s employment suffering during the recession and we needed cash to do essential work on the house. 

Fast forward to today and our credit score and finances have improved a good bit, so never being comfortable with having a secured loan sitting on our home, I’m looking to move the remaining debt to an unsecured loan with a mainstream lender and requested a redemption figure last week. I’m not expecting the repayments to reduce by much because after all the fees being added to the initial loan, the discharge fees and the ridiculous APR, the redemption isn’t going to be far off what we originally borrowed, but I’ll just be glad to get the debt off the property and with a mainstream lender. 

I’ve been distracted with other issues and focused on getting our finances back on track the past few years, so apart from making sure that the repayments are made every month, I’ve not really thought much about this loan until now. Now that I am focused on it however I’ve realised that we haven’t received any annual statements for this loan.

Does anyone have any experience with Evolution? Should we be receiving annual statements and as we haven’t where do we stand? They are also dragging their feet with the redemption, I had to chase it up today and they say that they sent it to both myself and my husband days ago, but they definitely haven’t. We’ve received emails in the past trying to get us to borrow more and I had an email last month about a direct debt issue (their end, not ours😊), so I know our contact details are fine. 

I was wondering if anyone has any experience or advice on where we stand before I go complaining about not receiving statements? If it doesn’t arrive today, it’ll be over a week since requesting, so should I be raising a complaint about failing to fulfil the redemption request too? They said I’d receive it within a week, but is this a timescale they’ve set or is it a rule? 

Livvipivvi

Update: We’ve received the redemption figure. 

Originally borrowed £9000

Paid 35 monthly payments of £244 = £8540. 

Redemption figure of £6961.89 (includes £262 partial month interest and fee). 

£6500 down the drain! Money well spent...not! 😭🤯😂

I’ll be so glad to get away from this company 🥳

sourcrates

Statements should be sent at least once every 12 months, whilst they are in breech of this, they cannot enforce their rights or charge default sums.
There is no other penalty and the breech can be remedied by provision of a statement.