I’m sorry to hear about that.
Please let me know if you want to speak still. I can do most days and evenings including weekends as long as I know when. In your own time.
I obviously don’t know when you took the loan out (what day of what month) or when the first payment was due under the terms of the agreement but £401 late interest seems extortionate if it’s for the six week period.
If you look on the agreement, it will tell you when the first payment was due.
The total amount of payments you have made over the five-year period has been £11,820 and that amount of interest seems grossly disproportionate.
I suggest that you now put everything in writing or, if you do speak on the phone to them, follow it all up in writing.
You need to ask them exactly how this interest has been calculated and what provision there is in the contract and what is the paragraph number in the contract which allows them to charge this interest and where in the contract does it show how it’s calculated. Tell them that unless you get a satisfactory answer, you will make a complaint to the Financial Ombudsman Service. If you don’t resolve the matter satisfactorily within an eight week period, then you can make a complaint to the Ombudsman here http://www.financial-ombudsman.org.uk/consumer/complaints.htm
You do have to wait that eight weeks
Can I clarify anything else for you?
I’m happy to answer any specific points arising from this.
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If you still need any point clarifying, I will still reply because the thread does not close.