Affordability Arrears – Your Questions Answered
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 did you calculate the amount you are removing from my account?
We have calculated the total amount of interest due over the life of the loan and worked out how much of that total figure relates to the amount to time since your loan has been in arrears. We have deducted that amount, along with any fees, from your outstanding balance. You will now only be required to repay the remaining amount of credit you borrowed.
Please let us know if you want to see the full details of how your payment was calculated.
Do I still need to make repayments?
Yes. Although we made errors, it does not remove your obligation to repay the credit you borrowed.
Will this affect my credit history?
No. Providing you continue to make payments there is no effect on your credit rating from this.
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