working out how much you owe on a loan

CLAPTON

there is no one way that companies work out the settlement figure. although there are some rules and regulations it varies from loan provider to loan provider. the only ways of knowing are to ask the company and/or read the terms and conditions

cheets99

Alleycat wrote:

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.

Its with Virgin Loans and there is no early settlement charge, I rang them before they said they cant work it out over the phone as its a new account and they are sending me a letter and it will take 10 days for me to receive it,

I just what a rough figure so I can work out how much to borrow on 6% for a car.

Alleycat

How many payments are there left to run, how many payments have you made already and what is the APR?

CLAPTON

looking at the virgin site it says that the typical APR is 6.9% ...do you know yours?
also as this a getting out of debt board why are you getting a loan for a car? why not buy a cheap car and save up until you can pay for a car with your savings...no worries about APRs then.

cheets99

I have made 10 payments out of 36 and the apr is 12%

Alleycat

Well, I've put the figures you have given so far into the snowball calculator and it says that with a £3600 loan, APR 12% and monthly repayments of £99, the term of the loan should be 40 months. Has it been rescheduled at any point, as this doesn't make sense.

cheets99

Alleycat wrote:

Well, I've put the figures you have given so far into the snowball calculator and it says that with a £3600 loan, APR 12% and monthly repayments of £99, the term of the loan should be 40 months. Has it been rescheduled at any point, as this doesn't make sense.

The loan was for £3000, its £3600 with interest.

Alleycat

Well, I can't figure it out. Are you sure you got the right APR?

I really think the best thing to do is to phone the bank and just ask them. Call centres are usually open pretty late (though will probably be closed this time of night!), so you could call when you aren't at work.