S77a Annual Statement Help

welshsatman

Hello.
Long time watcher but first time poster so apologies if this is covered elsewhere
I've just received my copy of my annual statement from MyJar for a loan I payed off early last year.  When I called up for a settlement fee I always felt it was a little higher than expected but as I was glad to be rid of the debt I just assumed the high interest caused this.  Having now read through the statement, it shows that I have a balance of -£155.37 
Does this mean I am owed this amount?

I've snipped a section of the agreement to show what I believe shows that the settlement figure was too high (jumping from a balance of £910.90 to a settlement figure of £1104.34 22 days later).  The daily interest doesn't justify such a jump.  I called MyJar who keep telling me that the account balance is Zero and that the annual statement is wrong.


Having checked annual statements from other completed loans, I believe the balance should show zero?  
My question is, have is misread this or am I owed this money and secondly, if I am owed this money, how do I get this returned?

Thanks in advance

DrEskimo

Did another payment on 27/06/2020 come out of you account?

If so, perhaps it was just to account for that (since it was probably processed by the time you settled).

welshsatman

Hi
No further payments were taking after the settlement figures.  The additional 1p was due to them inputting the wrong details initially.

DrEskimo

It would be difficult to calculate the amount paid and the amount that should have been paid without all the details of the loan.

You suggest the settlement figure was higher than expected, did this include any early settlement fees?

welshsatman

i'm basing that on the balance of £910.90 at 27/05/2020 and the settlement figure being £1104.34 22 days later.  This jump appears quite large considering there isn't any mention of of early settlement charges

As taken from their website below, there isn't a charge for early settlement

Can I repay the loan before the repayment date?

Yes, and we encourage you to do so if you can and only if it is right financially for you. Paying early and borrowing again soon after repayment is not recommended, however, the sooner you repay your loan, the less it will cost you as you only pay for the days that you’ve had it.

Do I get a discount if I repay my loan early?

The sooner that you repay your loan the less it will cost you. You will only pay for the days that you borrow.

 I suppose the confusion is I've never seen a statement from a closed loan account with a negative balance.  I wasn't expecting a discount when clearing the loan, but was only expecting to clear the remaining balance.  Just doesn't read right to me but maybe I'm wrong

Birdie100

It would be good to see earlier transactions. It’s interesting because there’s a £38.10 difference in the balance pre the payment on 27/05 and 17/06. The interest on 17/06 is more (for the part month of June) than the presumed late April/ mainly May period. It’s as if you’ve been required to pay a settlement figure based on the balance just ahead on the payment on 27/05

welshsatman

Hi
Here's the earlier transactions for the duration of the annual statement



MyJar are now saying the annual statement is incorrect due to a 'system change'..
Thanks for your assistance