Settlement figure

baldfrog

Took out a 5 year £18k loan with Northern rock at then end of May 2007
Never missed a payment to date asked for a settlement figure on the loan as looking at all my oprions at the moment. They came back with a figute over £17000, which I thought was high - I needed to cheeque exactly how much I borrowed on the first place, and I understand its dtill early in the term. However I found my agrreement, and it has on it

- after 18 months the balance to repay would be ..... £14327.59
it also gives fugures for both 36 months abd 54 months

so why was I quoted over £17k ? where do I stand - surely therefore the figure should be around the £14k or just under ?

Robert_Sterling_3

Tell us more details of the loan.
i.e. Interest rate charged, Monthly payments, any add-ons for insurance etc.

The settlement figure does look high at first sight.

CLAPTON

Was the settlement quotation in writing?
Was there PPI ?
Was there any payment free period at the start of the loan
Are you sure its a 5 year and not a 6 year loan
What is the APR
What is the monthly payment

baldfrog

Was the settlement quotation in writing?
Yes it was - done over the phone confirmed in writing a couple of days later
Was there PPI ?
which is.....?
Was there any payment free period at the start of the loan
not that I am aware of first reapyment sept 07
Are you sure its a 5 year and not a 6 year loan
yes sorry 72 months
What is the APR
8.9%
What is the monthly payment
£320.93

CLAPTON

From what you say you are 18 months into the loan and the settlement figure should be a little over 14k

PPI is insurance

Asssuming there's no PPI and you started paying immdiately and no missed payments then it simply seems to be wrong.
Do you get regular statements from them showing the transaction etc.

Otherwise I can only think to write a letter of complaint.

baldfrog

Thanks for the comments - as I thought but I wasnt too sure - can you tell !!!??

Robert_Sterling_3

A rough mental calculation does indicate that about £5750 in payments
of which £2500 is interest leaves balance in the region of £14,000.

CLAPTON

As your original post said... the settlement figures for 18 months says 14,327 anyway

Robert_Sterling_3

Yes that is a good clue.

baldfrog

Yes it was nly this morning I found that documnent from 2007 with that figure on it. When i called and was givent the £17k figure lats week I thought wait a minute that is a bit high, combined with finiding the original agreement and your comments I know know I was right !!! - thanks !