MoneyBoat - Final payments incorrectly worked out

[BurnCK]

Wondering if anyone can advise me how to resolve my issue.

 

I owed MoneyBoat 2 x £143.53, 1 payment due end of Sept and 1 due end of Oct. I made a payment of £70 bringing my payments down to 2 x 85.15 which saves me money overall.

 

I then a few days later rang and made another £75 payment. This time my payments only reduced from £85.15 to £59.95....so if I add it up it actually costs me more. 2 x £59.95 plus the £75 payment is £194.90 where as the 2 payments I had left only total £170.30 (2x £85.15). I spoke to MoneyBoat but they insist it's correct, but I don't see how. I insist it's not, as by their calculations it would have been better for me to just pay the 2 x 85.15.

 

Is there anyway I can raise a complaint about this? Is this something I could raise with the Ombudsman? Moneyboat keep talking about interest, but if my 2 x 85.15 payments INCLUDED the interest, then how does paying an additional £75 early only reduce the payments by a total of £50.40 ? Am I missing something?

Edited September 19, 2019 by BurnCK

[fkofilee]

Good Question  - Something only Moneyboat can work out for you. But please stop using Instalment Loans and PDLs - You are being terrorised with the amount of Interest they charge.