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 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.
What if my agreement has been in arrears?
Any fees removed from your loan will reduce your arrears by the same amount because those fees are now no longer due. Any regular monthly instalments that were unpaid will not be affected by the interest we are removing, this is because they remain due and reflect the repayment history of your account.
Do I still need to make repayments?
Yes. Although the arrears notices we previously sent you were incomplete, 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.
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.
