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secured loan

ORE
ORE Posts: 41 Forumite
in Debt-free wannabe
i got a secured loan a few year ago for £25,000..i have just recently asked for a settlement figure for this loan and they say its £31,000..6 grand more than i borrowed...i cant figure how they get this figure..

any advice appreciated thanks

Comments

  • RAS
    RAS Posts: 36,515 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    A couple of possibilities

    1. It is a high APR and the interest was front loaded - you get £10K and £3K interest is added immediately.

    2. There are huge early redemption penalities.

    3. You ticked the box or did not tick the box so you got expensive PPI added as well, probably front loaded and with interest added.

    What do your T&Cs say?
    If you've have not made a mistake, you've made nothing
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