Hi all...
i wonder if if anyone could help with an enquiry as I have no idea how to calculate a possible redress amount.
- I have an outstanding claim with the ombudsman against provident And i am optimistic it will be marked in my favour as I have had numerous other payday loans marked in my favour by the ombudsman service.
however I am confused by one of the claims. As follows:
1. I borrowed 1500 from provident with a total repayment of 3180. I paid 2180 so far leaving 1000 to repay.
on another claim the ombudsman instructed the other loan company to do the following.
”C) You should remove all interest, fees and charges from the balance on any upheld outstanding loans, and treat any repayments made by Mr ??? as though they had been repayments of the principal on all outstanding loans. If this results in Mr ??? having made overpayments then you should refund these overpayments with 8% simple interest* calculated on the overpayments, from the date the overpayments would have arisen, to the date the complaint is settled.”
if the ombudsman adopts this same type type of instruction on the provident claim examples above... what can I expect refunded??
as I read it if I have paid 2180 already, the above statement means that I should be refunded the difference between what I have paid 2180 and what I have outstanding 1000 plus 8% interest? Is this correct?
thanks in advance and any help given