Repaying My Loan early

jarvis84

Hi there

This is the first time i ever used this site and I really hope someone can help me!!

I have a personal loan which i started to repay from the 6/07/2007 for 36 months in the sum of £150.69 (this loan also includes Payment protection insurance). I have now come into some money and want to pay the loan off early.

In the policy book i was given it say that i am entitled to a partial refund of your original premium. It show in the table that if i pay it off in full after 1 year off having the loan i am entitled to a 45% refund.

Can anyone explain what the original premium is and how do i work out what to expecet back.

Many thanks for all your help

Rafter

jarvis,

You need to tell us the APR of the loan and the original amount borrowed in order to work this out.

R.

jarvis84

Rafter,

Thanks for your reply. These are the details of my loan:-

Total amount of credit £3214.84, this inclueds
£776.50 for insurance
£1838.34 to settle loan
£600.00 for cash advance.

The APR is 45.10%

I really am kicking myself now for even considering my loan

I am very grateful for any help i you can give.

Thank you