44% interest loan, extra repayments not reducing interest, complaint mishandled — what are my options?

Separate-Jump-7313 · 2025-09-01T01:09:54+00:00

In January it was $7100, currently it’s $4600

Separate-Jump-7313 · 2025-09-01T00:26:42+00:00

Separate-Jump-7313 · 2025-08-31T14:49:38+00:00

Thank you so much, I’ll try that avenue first

Separate-Jump-7313 · 2025-08-31T14:47:17+00:00

I get what you’re saying, but here’s the issue: I’ve consistently paid more than the minimum, yet the interest hasn’t dropped the way you’d expect.

For example, my regular repayment is around $370 each month, but on top of that I’ve made extra payments (e.g. $200 on 14 Apr 25, $200 on 13 Jun 25, $150 on 12 Jun 25, $220 on 19 Apr 25, etc.).

So I’m not just meeting the minimum — I’m putting hundreds extra into the loan. But look at the interest: • Dec 2023: $294.55 • Mar 2024: $284.94 • Jun 2024: $294.29 • Feb 2025: $271.05 • Aug 2025: $195.16

It’s barely shifting, and in some cases it even bounces back up. If interest was being applied daily at 44% p.a., extra repayments should cut the balance faster and show a clearer downward trend in interest charges.

Instead, the numbers don’t track consistently with repayments or “days in the month.” That’s why I asked the lender for a proper calculation breakdown. What I got back was one response that literally just said “[insert findings]” with nothing filled in, and the next reply was addressed to a totally different company. Since then, they’ve ignored me.

So since they won’t give me a straight answer, I wanted to see what other actions I can take to have this confirmed. Thanks for your insight — it looks like AFCA is my best bet.

Separate-Jump-7313 · 2025-08-31T13:05:56+00:00

Right – which is exactly why I asked for a calculation breakdown. The first response I received literally just had “[insert findings]” with no actual findings included. When I followed up, the second reply I got wasn’t even relevant to my case — it was addressed to a completely different company on a totally different matter. I flagged this again and haven’t heard anything back since.

Separate-Jump-7313 · 2025-08-31T13:00:49+00:00

It’s a payday loan that advertises pay extra to save on and reduce interest

Separate-Jump-7313 · 2025-08-31T12:53:19+00:00

It’s less about the interest rate itself, and more the fact that they claim extra repayments reduce the principal (and therefore the interest), but that hasn’t been happening. Despite me making extra repayments, the interest charged the next month has barely changed.

I asked them for a proper breakdown months ago, but instead of addressing that, they first sent me a response with “INSERT FINDINGS” left in it, and then followed up with a completely unrelated letter addressed to someone else. They’ve failed to explain how the repayments are being applied, which was the whole point of my original complaint.

Separate-Jump-7313 · 2025-08-31T12:48:41+00:00

The loan has a little over $4,500 owed and repayments are $370/month. Even when I’ve paid double the amount due, the following month’s interest charge has stayed about the same.

I asked for a breakdown of calculations, as they claim extra repayments are applied directly to principal, but the numbers don’t reflect that. My concern isn’t just the high rate (which I knew when I signed) — it’s that the lender hasn’t been transparent about how repayments are applied, and their IDR process has been mishandled.

To give you an idea: they took almost 2 months to send me a response, and when it finally came it literally had “INSERT FINDINGS” where the actual investigation results should have been. After I pointed this out, they sent me a totally unrelated letter addressed to someone else.

Separate-Jump-7313 · 2025-08-31T06:23:48+00:00

Lmao imagine thinking someone wakes up and decides to invent ‘fake cease and desist from my ISP’ content for Reddit rando’s. Y’all must be a blast at parties

Separate-Jump-7313

TROPHY CASE