working out how much you owe on a loan

winkle1

How do you work out how much you own on a loan minus the interest? somebody mentioned this in a thread (i think it was moozie's original thread).

does anyone know?
i dont really want to ring up for a settlement figure as i am at work.

CLAPTON

it depends upon the terms and conditions of your loan....best to read them or ask the loan company for a settlement figure

highguyuk

Firstly, this may have been better posted on the loans thread rather than the debt free - but dont worry :-)

Secondly, nip to the loo and get a settlement figure. Thats what I did at work about a week ago. Will be able to tell you there and then how much you owe them. Dont forget to take any details you might need to the loo with you.

Kevicho

highguyuk wrote:

Secondly, nip to the loo and get a settlement figure. Thats what I did at work about a week ago. Will be able to tell you there and then how much you owe them. Dont forget to take any details you might need to the loo with you.

i thought only wishing wells had this magical power to give you info when you shout down them?

Pigeongirl

Kevicho wrote:

i thought only wishing wells had this magical power to give you info when you shout down them?

LMAO :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

shellabear

you've got a great sense of humour Kevicho!!

moozie_2

winkle1 wrote:

How do you work out how much you own on a loan minus the interest? somebody mentioned this in a thread (i think it was moozie's original thread).

does anyone know?
i dont really want to ring up for a settlement figure as i am at work.

Hello winkle1

You are absolutely right, it was explained in my original thread by the helpful southernscouser If I remember correctly, you take the original amount borrowed and you deduct all the payments you've made to date. The amount remaining is the amount owed without interest.

Hope that's right and SS perhaps can reward me with a star if I got it right :rotfl:

amosworks

lol I dunno, I think shouting down a toilet could produce equally rewarding surprises

cheets99

Do I need to take off there yearly interest owing on the loan.

I got a £3k loan it came to £3600 with interest.

I have paid off 10 payments of £99, now for me to work it out roughly, do I take off the 2 years interest left owing £400 (£200 a year for interest)

So £3600 - £901 = £2610

£2610 - £400 = £2214 Settlement Figure

Alleycat

When trying to work out how much a settlement figure would be, you need to bare in mind if there are any early repayment penalties such as 52 days interest charged at the point you pay the loan off.

Really, the best way to find out would be to just ring the company and ask them.

andy777_2

When you get a private moment, why not ask the loan company to send you a detailed breakdown of how they got to the current settlement figure, showing the impact of interest charged and the payments you've made. You could then build your own spreadsheet (either Excel or on paper) to keep track of your progress in paying down the loan.

If you ask them really nicely they may even put the analysis in a spreadsheet for you which you can maintain going forward???