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  • FIRST POST
    • Bedsit Bob
    • By Bedsit Bob 2nd Dec 17, 4:41 PM
    • 9,833Posts
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    Bedsit Bob
    Calculating approximate settlement figure?
    • #1
    • 2nd Dec 17, 4:41 PM
    Calculating approximate settlement figure? 2nd Dec 17 at 4:41 PM
    A loan with approximately 1 year left to run, but borrower is looking to settle it around February or March.

    Is there a way (maybe using something like Snowball Calculator) to get a rough idea of the settlement figure?
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
Page 1
    • Nearlyold
    • By Nearlyold 2nd Dec 17, 4:53 PM
    • 984 Posts
    • 817 Thanks
    Nearlyold
    • #2
    • 2nd Dec 17, 4:53 PM
    • #2
    • 2nd Dec 17, 4:53 PM
    Google Guardian Loan Calculator, put in details of your loan, scroll down the figures till you get to the month equivalent to whichever month (in terms of how long the loan will have run for in February or March) matches your query. This will show your balance at that point add two times that months interest charge to the balance figure and hey presto that'll be your settlement figure at that point.

    If your lender does not charge an additional 58 days interest on early settlement you don't need to add two times that months interest charge.
    • Bedsit Bob
    • By Bedsit Bob 2nd Dec 17, 8:14 PM
    • 9,833 Posts
    • 51,596 Thanks
    Bedsit Bob
    • #3
    • 2nd Dec 17, 8:14 PM
    • #3
    • 2nd Dec 17, 8:14 PM
    Thanks for that.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
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