Annual Statements Your Questions Answered
What did Duologi do wrong?
As long as there are repayments left under your agreement, we are required to send you an annual statement that details the position of your loan and any activity during the year that either increased or decreased your loan’s balance. We have identified the balance figures were incorrect on the statements we previously sent you.
What if my agreement has been in arrears?
Any fees removed from your loan will reduce your arrears by the same amount because you no longer have to pay those sums. Any regular monthly instalments that were unpaid will not be affected by the interest we are removing, this is because they were due and reflect the repayment history on your account.
Does this affect interest during the deferral period?
The type of loan you took out had a 12-month deferral period during which, if you had repaid the amount of credit in full, you would not have to pay any interest. The deferral period ended a year after the start of your loan and any interest accrued to that date became due at that point. This means the deferral period interest and any interest accrued during the 30 days following the end of the first year of your loan are not affected by the error on your annual statement.
Have I been overcharged?
No. The error only affected the figures that were populated on your annual statements when they were produced, it did not affect the record of your loan on our system.
Am I entitled to compensation for your error?
Because you had no liability to pay default fees or interest applied after our error, we have reduced your loan balance by the amount of those fees and/or interest.
How have you worked out the amount applied to my agreement?
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. As your loan balance is now lower because of this, we then reduced your future instalments to make sure your loan is paid off within its original term. This also means, if your loan is interest-bearing, less interest will be charged in future.
Do I still need to make repayments?
Yes. Although the annual statements we previously sent you were incorrect, we have now sent you corrected versions. Our oversight does not remove your obligation to repay the credit you borrowed and any interest due to us in future.
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
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.
