Problem repaying early

adsmum

We have a loan which was for £10416.95 over 36 months repayed at 324.65 for 35 months then last payment 324.39.£1416.95 is a loan for ppi.We have paid 19 months and want to pay it off early after the last payment we went into the bank and they said according to the interest that day we would have to pay £5012 to pay it off as we didnt quite have enough we are going to wait till this months paymentwent through its due in a weeks time so hubby went in to make an appt for a few days after said payment on which he was told he couldnt get an appt and that we could just go to the counter and they gave us a repayment figure of £5060 today how can this be when it is a fixed rate loan agreement APR 7.9%.I think we are being treated in a disgusting manner and really could do with some advice.Thanks

devon_guy

There will probably be an "admin" fee or some such charge for paying it off early, plus if the interest is calculated daily then obviously the figure will change each day. I had this with a loan I have. I asked for a settlement figure and it was more than the current outstanding balance and it was because of very "charges" added to the figure to pay it off early.

CLAPTON

get a written settlement figure

duff67

Most "repayment figures" are computer generated and should be retained as same figure until the next monthly repayment is due.

Worth querying with your bank. Ideally the first quote was given to you in written format ?? If not you may have a battle to convince previous figure, but a name dropped into the complaint, if you remember who gave first quote, would help.

These figures can be affected by early repayment charges (admin) and are sometimes affected by what time within your loans month they are repaid.

Good luck