Help with loan settlement

nichart20

I got a loan from Alliance and Leicester for £5000.00 total repayable £5605.20 payments started in July 2008, I pay 155.70 per month but im looking to settle the loan but im just a bit unclear about the details on the paperwork,

it states-

You would have to pay per £1000.00 borrowed as follows, for example,if you wanted to settle when a quarter of the repayment period had passed the settlement amount per £1000.00 borrowed would be £775.67 if half of the repayment period had passed the settlement amount per £1000.00 borrowed would be £531.59 and if three quarters of the period had passed the settlement amount per £1000.00 would be £273.30.

im just unclear if I would end up paying more if I settle early

CLAPTON

They are the settlement figures.

So obviously you would expect to pay more near the beginning of the loan and less towards the end ...
as at the begining you would have made few monthly payment ( and so lots of capital to pay off) and towards the end you would have paid a lot of monthly payments (and so not much capital to pay off).