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Nicola-mod
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Category: Law
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Experience:  Moderator
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I Have a Loan with Amigoloans.co.uk I have made a number

Customer Question

I Have a Loan with Amigoloans.co.uk

I have made a number of payments recently to reduce my balance asap due to the high interest rate.

They have wrote to me as a good customer offering to extend my loan to £5000 and quoted

"You have made enough payments on time to be able to top up your loan to £5000 and withdraw £4341.22

Your current balance: £658.78
You can now top up to: £5000
You could receive: £4341.22 "

My balance is around £2100, they have said in writing that it is £658.78, if I send a cheque in full and final settlement together with a copy of their letter do they have to honour this figure?

Please advise
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Did they write and say this is a settlement figure, or just that your balance was £658.78 please?

JACUSTOMER-fnoqn7v2- :

Its not an official settlement figure under the CCA, its just a letter stating my current loan balance as £658.78

Alex Watts :

Sadly you can not rely on it then. If they said it was a settlement figure then you would have been able to accept it and hold them to it.

Alex Watts :

Because it is in effect a letter saying your balance is £x it may simply be a mistake.

Alex Watts :

Therefore because it is not a settlement figure you can not rely and make them honour it.

Alex Watts :

I am sorry if this is not the answer you want and it is certainly not the one I want to give you but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Expert:  Nicola-mod replied 3 years ago.
Hello,

Just a quick reminder, there is an unrated answer waiting for you here from the Professional.

If the Expert was helpful, rating their answer as satisfactory transfers your deposit to them – this is how the Expert is compensated.

To rate your answer, you can go to your question page, and click one of the five faces below the Expert's answer. Please be sure you are logged in with your username and password XXXXX you will not be able to view or rate your answer.

If you still need help with your question, please feel free to reply to the Expert on this question page. You may ask as many follow-up questions on the same question page as you need until you are satisfied.

Thank you,
Nicola

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