A colleague at work took a loan out with this company I don't know the figures but I just want to know if the way they have calcilated to loan is legal. Say the loan was £100 at 50% over the month so at the end of February he owed £150 with the option to pay the interest of £50 only. He paid the interest and was offered a loan increase of £30 which he accepted. He was under the impression he would at the end of March owe £130 plus 50% in that sum. However they have told him he owes £180 + 50%. This means they have added the interest for March to the £100 plus the extra £30 then charged interest on that whole sum. Is this legal ?

I had a loan with this lot until recently. They offered me a settlement which seemed to good to be true. I agreed and the letter was sent to me confirming the offer. Then I recieved a call from them with some manager saying they had made a mistake and were recinding the offer. I told him I had it in writing and I would pay within a month as agreed. He actually said they didn't have to accept the moiney as full and final settlement. I paid it and about a week later recieved the letter confirming the account as being settled.

Considering they do not offer loans why would they turn anyone down. All you are doing is getting them to act as a broker. They don't care what your credit rating is like as long as you can stump up the £49. Don't quote me on it but I think legally they can only keep about £6 of the fee if they do not get you a loan. One thing I find a bit fishy is if you do a google search for Wentworth fianance one of the loan review sites comes up. Last year the vast majority of reviews were poor. Now it's at least 50/50. This is very surprising considering most people would believe this company is offering them a loan until they read the small print and actually asked the question "are you offering me a loan or offering to act as a broker."