Annual Statements Your Questions Answered
Annual Statements Your Questions Answered
What has gone wrong?
Whilst there is an outstanding balance due under your agreement, we must send you an annual statement that details the balance of your loan and any activity during the year. This statement must be sent within 30 days of each anniversary of your loan.
We have identified that some information was missing on the statements we previously sent you.
Under the Consumer Credit Act 1974, this error means you had no liability to pay default fees or interest applied after the date your first annual statement was due.
What are you doing about this error?
We are sorry this information was missing and confirm we have updated our processes to ensure this is now shown in any statements sent. We are resending updated statements to you to cover the period from when your loan started to the present day.
By sending you corrected statements, providing you all the required information and taking the steps detailed below, we have fixed our mistake and are able to resume charging interest on your loan at its agreed rate.
Am I entitled to redress for your error?
Yes. We have calculated the amount of interest relating to the period after our error and applied this amount to reduce your loan’s balance. As a result, it will now cost you less to repay your loan.
Please note we do not charge any default or late fees, so your refund relates solely to interest charged.
How have you worked out the amount to be repaid to me?
The first step was to identify any interest applied to your loan after the date of our error. This was then removed from your account. That then means any repayments you made will have reduced your loan’s balance by that amount.
As your loan balance is now lower because of this action, we then reduced your future instalments to make sure your loan is paid off within its original term. This also meansless interest will be charged in future because the balance of your loan is lower.
Please let us know if you have further questions about how your redress was calculated.
Will you be refunding the amount I borrowed?
No. The amount you borrowed from us paid for goods or services you have received. We are only required toremove interest relating to the affected period.
Do I still need to make repayments?
Yes. Although the annual statements we previously sent you were incomplete, we have now sent you corrected versions. Our oversight does not remove your obligation to repay the credit you borrowed and any interest due to us in future.
Will this affect my credit history?
No. Providing you continue to make payments there is no effect on your credit rating from this.
How can I contact you about this?
To make it easier for you to contact us with any questions, we have dedicated contact details. You can reach us using any of the contact details below.