What did Duologi do wrong?
When assessing customers eligibility for a loan we used a credit scorecard, and this should have included an affordability assessment. This would have identified whether the loan was affordable for you. When we retrospectively reviewed our underwriting practices and the regulatory guidance we realised we should have asked you for further evidence of your income. As we did not do this, we were unable to demonstrate that we had lent money to you responsibly. We are therefore contacting all affected customers.
Will you be refunding the amount I borrowed?
No. The amount you borrowed from us paid for goods or services you have received. We will only remove interest or late payment fees applied after your loan was in arrears.
How have you worked out the amount to be repaid to me?
The first step was to identify any default fees and/or interest applied to your loan after the date of our error. These were then removed from your account, so any repayment you made will have reduced your loan’s balance by that amount. Because you have paid more to us than you needed to, we are refunding the overpayment to you in full. We have calculated the date on which you would have paid off the revised balance and will be refunding you any amounts you paid since that date. We will also pay you interest on those amounts at the statutory 8% rate per year (simple) from that date.
Please let us know if you want to see the full details of how your payment was calculated.
How do you pay the money to me?
When you had a loan with us you paid by Direct Debit and we hold the details of that bank account. You will need to confirm that these are still correct and if so we will make a BACS transfer to the same account. This normally takes a total of around 7 days from processing to payment. Otherwise you will need to let us know your new bank account details and we will make the payment into that account.
Could you make payment elsewhere?
If you are bankrupt or in an Individual Voluntary Arrangement (IVA) or similar arrangement then we will need to make the payment to the official receiver or equivalent. If this is the case then you must inform us.
How should I contact you about this?
To make it easier for you to contact us with any questions, we have dedicated contact details. You can use any of the contact details below.
Duologi, The Square, Basing View, Basingstoke, RG21 4EB