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

John_

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 are arguing that you shouldn’t have paid any interest at all if you believe that you should’ve owed only £100. Is what you’ve written above right, that you think that if you repay early then you don’t pay anything other than the original amount?

DrEskimo

John_ said:

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 are arguing that you shouldn’t have paid any interest at all if you believe that you should’ve owed only £100. Is what you’ve written above right, that you think that if you repay early then you don’t pay anything other than the original amount?

No the OP recognises there would have been a small amount of interest to pay as well. This is from the first post:

So a week later passed I went to pay £100 plus £10/20 interest or so I had thought and then when I attempted to pay it came up with I owed £1670!!!!! 

Again, the grievance is with being incorrectly informed that they were liable for the full amount, despite asking to settle early. If this is was happened, then I do sympathize with their position. However to just ignore it for 2yrs was a mistake, and I fear the OP will just have to pay and chalk this up to experience....

[Deleted User]

DrEskimo said:

John_ said:

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 are arguing that you shouldn’t have paid any interest at all if you believe that you should’ve owed only £100. Is what you’ve written above right, that you think that if you repay early then you don’t pay anything other than the original amount?

No the OP recognises there would have been a small amount of interest to pay as well. This is from the first post:

So a week later passed I went to pay £100 plus £10/20 interest or so I had thought and then when I attempted to pay it came up with I owed £1670!!!!! 

Again, the grievance is with being incorrectly informed that they were liable for the full amount, despite asking to settle early. If this is was happened, then I do sympathize with their position. However to just ignore it for 2yrs was a mistake, and I fear the OP will just have to pay and chalk this up to experience....

£500 borrowed over a 2 year period at a rate of over 1000% APR would mean repaying in the region of £10,000. £1,670 sounds like £500 borrowed over a much shorter period with an additional 2 months interest for repaying early. 

DrEskimo

Lover_of_Lycra said:

DrEskimo said:

John_ said:

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 are arguing that you shouldn’t have paid any interest at all if you believe that you should’ve owed only £100. Is what you’ve written above right, that you think that if you repay early then you don’t pay anything other than the original amount?

No the OP recognises there would have been a small amount of interest to pay as well. This is from the first post:

So a week later passed I went to pay £100 plus £10/20 interest or so I had thought and then when I attempted to pay it came up with I owed £1670!!!!! 

Again, the grievance is with being incorrectly informed that they were liable for the full amount, despite asking to settle early. If this is was happened, then I do sympathize with their position. However to just ignore it for 2yrs was a mistake, and I fear the OP will just have to pay and chalk this up to experience....

£500 borrowed over a 2 year period at a rate of over 1000% APR would mean repaying in the region of £10,000. £1,670 sounds like £500 borrowed over a much shorter period with an additional 2 months interest for repaying early. 

They repaid £400 back straight away, so the outstanding capital was only £100.

It's all in the original post.

[Deleted User]

DrEskimo said:

Lover_of_Lycra said:

DrEskimo said:

John_ said:

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 are arguing that you shouldn’t have paid any interest at all if you believe that you should’ve owed only £100. Is what you’ve written above right, that you think that if you repay early then you don’t pay anything other than the original amount?

No the OP recognises there would have been a small amount of interest to pay as well. This is from the first post:

So a week later passed I went to pay £100 plus £10/20 interest or so I had thought and then when I attempted to pay it came up with I owed £1670!!!!! 

Again, the grievance is with being incorrectly informed that they were liable for the full amount, despite asking to settle early. If this is was happened, then I do sympathize with their position. However to just ignore it for 2yrs was a mistake, and I fear the OP will just have to pay and chalk this up to experience....

£500 borrowed over a 2 year period at a rate of over 1000% APR would mean repaying in the region of £10,000. £1,670 sounds like £500 borrowed over a much shorter period with an additional 2 months interest for repaying early. 

They repaid £400 back straight away, so the outstanding capital was only £100.

It's all in the original post.

Yes, I know that. Even taking into account the repayment of £400 straight away the figure of £1,670 is still sounds about right mathematically speaking as the bulk of that charges will come from the early repayment fee of two month’s worth of interest. 

The OP also says, “ I still need to pay a fixed 2 year term of a £500 loan which is absolutely ridiculous,” which isn’t correct. If it was the settlement figure would be around £10,000.