Arrears Notices Your Questions Answered
What did Duologi do wrong?
If your account is arrears to a value equal to the previous two monthly instalments you were required to pay, we have to make you aware of this by sending you a statutory notice called a notice of sums in arrears. After this notification, every six months until your arrears are repaid, we have to send you arrears notices. There is specific wording we must include on these notices. We have identified the arrears notices we sent you did not contain the wording highlighted in bold below:
“Default sums and interest
You may have to pay default sums and interest in relation to the missed or partly made payments referred to in this notice (in addition to any default sums and interest included in this notice). Please contact us if you would like further details. This notice does not take account of any payments received after the date of the notice.”
Am I entitled to compensation for your error?
Because you had no liability to pay default fees or interest applied after our error, we applied this amount to your loan balance. As a result, you have paid more than you were required to pay.
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.
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 to refund interest or late payment fees relating to the affected period of time.
Will this affect my credit history?
No. This refund is not recorded on your credit history.
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
Duologi is a trading name of Specialist Lending Ltd which is a limited company registered in the UK under number 10664999 at the registered address 10 Bressenden Place, London, SW1E 5DH, United Kingdom. Authorised and regulated by the Financial Conduct Authority.