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Hey guys, i posted this elsewhere but yet to have any replies so I'm hoping someone can shed some light.
I've sent off my complaint to Provident about irresponsible lending, what i am wondering about is what would be refunded (if successful).
From what i have read up on, it would be interest + 8% of that interest.
So for example, one of my loans were £1600, over a period of 104 weeks with an interest rate of 181.4%.
Using an interest calculator online, it shows the interest on that loan would be £4,409.70 plus 8% of that which is £352.78, totalling £4,762.48.
I just want to make sure because that seems an awful lot, considering i had 10+ loans from them over the years and this is just one of those.
Apologies if the calculations are wrong, I'm terrible at maths, hopefully someone can shed some light on this.
I've sent off my complaint to Provident about irresponsible lending, what i am wondering about is what would be refunded (if successful).
From what i have read up on, it would be interest + 8% of that interest.
So for example, one of my loans were £1600, over a period of 104 weeks with an interest rate of 181.4%.
Using an interest calculator online, it shows the interest on that loan would be £4,409.70 plus 8% of that which is £352.78, totalling £4,762.48.
I just want to make sure because that seems an awful lot, considering i had 10+ loans from them over the years and this is just one of those.
Apologies if the calculations are wrong, I'm terrible at maths, hopefully someone can shed some light on this.
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