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Hello,
I am new to posting and I would firstly like to state that I would really appreciate any help and/or guidance on my issue.
My husband and I were in a really bad financial state last year and we took out a loan with Everyday Loans with an extortionate APR. We are now in a position where we could pay this loan off and we are currently awaiting a settlement figure from the company in order to do so.
However, it was not until I was looking through the paperwork last night that I noticed a discrepancy on our loan agreement. The capital of the loan, plus the interest on the loan does not add up to the total amount payable. ie £2000 loan with £2000 interest should calculate to be £4000 repayable, which over 24 months would be £166.67 per month. In our situation the agreement is out by £1,100 from what the total payments are to the interest plus capital.
There are also a couple of little funnies as our agreement is not actually signed by them and it is also not dated. Furthermore, I recall reading somewhere that the company was legally obliged to send us statements... can someone please confirm if this is every 6 or 12 months? At the moment we are yet to receive a statement, however the loan is only 10 months old.
Thanks in advance for any help, it really is much appreciated.
I am new to posting and I would firstly like to state that I would really appreciate any help and/or guidance on my issue.
My husband and I were in a really bad financial state last year and we took out a loan with Everyday Loans with an extortionate APR. We are now in a position where we could pay this loan off and we are currently awaiting a settlement figure from the company in order to do so.
However, it was not until I was looking through the paperwork last night that I noticed a discrepancy on our loan agreement. The capital of the loan, plus the interest on the loan does not add up to the total amount payable. ie £2000 loan with £2000 interest should calculate to be £4000 repayable, which over 24 months would be £166.67 per month. In our situation the agreement is out by £1,100 from what the total payments are to the interest plus capital.
There are also a couple of little funnies as our agreement is not actually signed by them and it is also not dated. Furthermore, I recall reading somewhere that the company was legally obliged to send us statements... can someone please confirm if this is every 6 or 12 months? At the moment we are yet to receive a statement, however the loan is only 10 months old.
Thanks in advance for any help, it really is much appreciated.
xx
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