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Loan Settlement Figure
Comments
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If they are front loading, it is possible that this is correct. If my calculations are correct, on a standard loan (no PPI) of £28k over 15 years at 8.4% APR you would make monthly payments of £269.09 (about right). This amounts to a total payment of £48,436.20 (excuse my rounding!). That's over £20,000 in interest. If they are front loading, it is very likely that this is where the loan repayment part of your £13k has been swallowed up. This would mean that, after another £7k or so, you should start chipping away at the capital at a much faster rate.
The PPI is just an extra unnecessary cost.0 -
Have I any comback for this?
I've had other loans that never did this, and the settlement figure was always roughtly what I expected.
Should you note be notified about front-loading rather than just in the small-print.
Or am I just being naive lol0
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