Loan repayment madness

wendyphant

I just wanted to let you know what happened to me yesterday in alliance and leicester.

I have had a 5 year loan which had been hanging around my neck like a lead weight for a long time:mad:
In any case went into the bank yesterday to find out how much was remaining and how long was left - I knew it was about 3 payments left well............

They said I had 2 more payments of £256.88 left:j :j :j

thank goodness I thought.

Now I had my travelling expenses finally through this month which was £200 so I thought if i put that with this months payment i might be able to pay it off now in april and save some interest on the 2 months.............That makes sense to me does it to you??

Well I asked for a closing balance...................................................
...............................................................................................
....................................... £56.86


which I payed instantly saving me £456.90:money: :money: :money:


madness = surely the interest for 2 months couldn't have benn £456.90

Anyway I am happy:T :T :T :T and would say to all as soon as you can afford it find out the closing balance on the loan you may be able to save a bit

HTH someone x x x

CLAPTON

It all seems unlikely
were the figures formal written amounts or just someone looking at a screen?

Robert_Sterling_3

As you have stated the facts it makes no sense to me.

kindofagilr

I hope thats all ok cos thats fab news if so!

(I just wanted to say good look at SW (I am a member there, lost 18.5 pounds so far, more than halfway there yay lol) and good luck saving for a baby too.)

wendyphant

I just wanted to say that I phoned the bank today and they confirmed we had paid it all off and account was now closed.

What happened was that I had a sickness ect policy and put a claim in a year ago That shortened the period of payments . The extra £450 that we saved was actually the 16 months of premiums that we would have paid if the policy had run the full 5 years. What I am annoyed at is that if we hadn't gone in to find out the exact finishing dates would they have taken the rest and not let us know