Loans2go help - edited as hard to make sense of last post -

macman

OP states that they took the loan in 2019, then 'ignored it for 2 years'. So it's reasonable to assume that the original loan was taken out in very early 2019?
Unfortunately the info given is so muddled that it's very difficult to make any sense of it all.

Azyalex

So what would you advise is there any sort of debt agency teams that would help or would I have to pay the £1677 to this new debt company that know nothing about the loan just at what they think I owe

sourcrates

Azyalex said:

So what would you advise is there any sort of debt agency teams that would help or would I have to pay the £1677 to this new debt company that know nothing about the loan just at what they think I owe

Well its a pretty simple choice, you either start paying it, or you don`t, what exactly do you want advice on ?

The loan remains with the original creditor, the debt collection agencies who have been, or are contacting you now, are just acting on behalf of their clients, as 3rd party collectors, you either choose to pay them, or you don`t, if you choose not too, then the debt just gets sent to another collector to try, and so on, rinse and repeat, that`s how the debt collection industry tends to work.

It will carry on that way until the OC gets fed up, and sells the debt on, then its a similar story again, until the new owner gets fed up, they will then either sell it on again, or they might commence legal action, its anybodies guess.

You have no grounds for complaining as you admit being untruthfull on the application, and you failed to read the terms and conditions attached to the loan, so you either ignore it and take any consequences, or you make arrangements to pay it at an affordable rate, there is no option 3 unfortunatly.

John_

Azyalex said:

Yes I did lie about the amount I earnt but I knew I could pay it back as I was getting £600 the following week and the figures are correct United Kash the company I now owe the money too wants £1677.04p they must have added fees... 

if you knew that you could pay it back then why didn’t you? No-one altered the deal that you signed up for, so what happened?

John_

Azyalex said:

So what would you advise is there any sort of debt agency teams that would help or would I have to pay the £1677 to this new debt company that know nothing about the loan just at what they think I owe

Yes, you need to pay back what you owe, as per your agreement.
You seem to be suggesting that although you agreed to pay this that you just don’t want to.

Azyalex

No the point is I shouldve owed £100 but they would not accept any less than £1600ish at the time even after a week of having the loan as I paid £400 of the original £500 straight after it went into my bank account

Azyalex

So I refuse to pay £1500 interest over a measly £100 I borrowed in theory 

sourcrates

Azyalex said:

So I refuse to pay £1500 interest over a measly £100 I borrowed in theory 

Then you should not have taken the loan.

[Deleted User]

Azyalex said:

No the point is I shouldve owed £100 but they would not accept any less than £1600ish at the time even after a week of having the loan as I paid £400 of the original £500 straight after it went into my bank account

You wouldn't have owed £100 because the money you borrowed would have been accruing interest.  I know Loans2Go have an extremely high APR of 1013.3% and if you work out the daily compound interest on a balance of £100 plus the two months interest I believe lenders are allowed to charge for the early settlement of a loan then £1670 sounds higher than I'd expect (assuming your loan has an APR of 1013.3%) but you'd still owe a lot more than just £100.  This all said there's nothing stopping you from putting in a complaint with Loans2Go and escalating the matter to the ombudsman if you aren't satisfied with the response from Loans2Go.  I'm not saying you'll get anywhere but it might be worth a punt.

	APR	1013.30%
	Daily	2.774%
1	£     100.00	£    102.77
2	£     102.77	£    105.63
3	£     105.63	£    108.56
4	£     108.56	£    111.57
5	£     111.57	£    114.66
6	£     114.66	£    117.84
7	£     117.84	£    121.11
8	£     121.11	£    124.47
9	£     124.47	£    127.93
10	£     127.93	£    131.48
11	£     131.48	£    135.12
12	£     135.12	£    138.87
13	£     138.87	£    142.72
14	£     142.72	£    146.68
15	£     146.68	£    150.75
16	£     150.75	£    154.94
17	£     154.94	£    159.23
18	£     159.23	£    163.65
19	£     163.65	£    168.19
20	£     168.19	£    172.86
21	£     172.86	£    177.65
22	£     177.65	£    182.58
23	£     182.58	£    187.65
24	£     187.65	£    192.85
25	£     192.85	£    198.20
26	£     198.20	£    203.70
27	£     203.70	£    209.35
28	£     209.35	£    215.16
29	£     215.16	£    221.13
30	£     221.13	£    227.26
31	£     227.26	£    233.57
32	£     233.57	£    240.05
33	£     240.05	£    246.71
34	£     246.71	£    253.55
35	£     253.55	£    260.59
36	£     260.59	£    267.82
37	£     267.82	£    275.25
38	£     275.25	£    282.88
39	£     282.88	£    290.73
40	£     290.73	£    298.80
41	£     298.80	£    307.09
42	£     307.09	£    315.60
43	£     315.60	£    324.36
44	£     324.36	£    333.36
45	£     333.36	£    342.61
46	£     342.61	£    352.11
47	£     352.11	£    361.88
48	£     361.88	£    371.92
49	£     371.92	£    382.24
50	£     382.24	£    392.84
51	£     392.84	£    403.74
52	£     403.74	£    414.94
53	£     414.94	£    426.45
54	£     426.45	£    438.28
55	£     438.28	£    450.44
56	£     450.44	£    462.94
57	£     462.94	£    475.78
58	£     475.78	£    488.98
59	£     488.98	£    502.55
60	£     502.55	£    516.49
61	£     516.49	£    530.82
62	£     530.82	£    545.55
63	£     545.55	£    560.68
64	£     560.68	£    576.24
65	£     576.24	£    592.22
66	£     592.22	£    608.65
67	£     608.65	£    625.54
68	£     625.54	£    642.89
69	£     642.89	£    660.73
70	£     660.73	£    679.06
71	£     679.06	£    697.90
72	£     697.90	£    717.26
73	£     717.26	£    737.16
74	£     737.16	£    757.61
75	£     757.61	£    778.62
76	£     778.62	£    800.23
77	£     800.23	£    822.43
78	£     822.43	£    845.24
79	£     845.24	£    868.69
80	£     868.69	£    892.79
81	£     892.79	£    917.56
82	£     917.56	£    943.02
83	£     943.02	£    969.18
84	£     969.18	£    996.06
85	£     996.06	£ 1,023.70
86	£  1,023.70	£ 1,052.10
87	£  1,052.10	£ 1,081.29
88	£  1,081.29	£ 1,111.28
89	£  1,111.28	£ 1,142.11
90	£  1,142.11	£ 1,173.80

macman

Azyalex said:

So I refuse to pay £1500 interest over a measly £100 I borrowed in theory 

But you didn't borrow £100, 'in theory'. You borrowed £500, in reality, at a ruinous rate of interest. And then buried your head in the sand for 2 years while the interest piled up.