Bank Loan problem!!

MoneyWaster2007

It could possibly be that the figure they have given you of £28k is the amount you would end up paying over the entire life of the loan, were you to just make the standard repayments each month. ie. the full amount borrowed + the interest on this + the protection, over X amount of years.

Are you sure they said this 28k was the 'settlement figure?' It sounds to me like it is the total cost of the loan... i may be wrong

LP79

No the settlement figure they gave me was £14,400. But this amount is only £600 less than the original loan amount! Even after 2 years of payments.

MoneyWaster2007

>>Then they said the settlement figure is £14,400.<<

Sorry i missed this, well if thats what they are saying is the settlement figure, I would consider citizens advice as you said earlier, because this is rediculous.

LP79

So I'm not the only one who thinks this is a complete rip off??

MoneyWaster2007

£28k - £15k = £13k. I would say they are 100% ripping you off. How long was the loan term?

LP79

took it over 7 years

Kavanne

MoneyWaster2007 wrote: »

£28k - £15k = £13k. I would say they are 100% ripping you off. How long was the loan term?

13k = interest plus insurance premium. sounds about right over 7 years.

MoneyWaster2007

Kavanne wrote: »

13k = interest plus insurance premium. sounds about right over 7 years.

yes i agree, i still think the settlement figure should be a lot lower though

Kavanne

MoneyWaster2007 wrote: »

yes i agree, i still think the settlement figure should be a lot lower though

mmm... nope.

LP79

Where's the 13k coming from?

The figure they're giving me is £14,400. I don't get how after 2 years of paying £345 a month, they've only taken £600 off my loan!