Am i missing something - natwest

keza

Hi all, just need to friendly advice before i go full steam ahead into another battle with the lovely Natwest.

I took out a loan for 12k at 7.9% in 2006, i paid monthly payment of £241 for 6 months before i refinanced the loan.

the amount natwest refinanced it for was £11,969 something.....

Myquestion is, i paid £1440 odd over the 6 months off the loan according to Natwests calculation, i only paid £31 off the actual loan amount.

I sat and worked out the interest for each month and over the 6 months i was paying and i think ive been done out of about £950. am i missing something?

Its not PPI as this is what i thought it was originally but have since realised i was paying £67 separate a month for the ppi so thats like a separate loan if u like.

Any advice appreciated before i go onto another complaint with them.. thanks!

stephane_2

Your pay the most interest at the beginning of the loan life this is why this is not financially viable to refinanced/settle a loan at that point as you will loose the most money. What you could do is see if you could reclaim the PPI

keza

Hi Stephanie, Yea, i see that most interest is at the beginning of the loan but cant be £1440 of it surely!!

i have already tried ppi route for misselling but i dont think i was missold it.

stephane_2

Have you asked Natwest a breakdown of payments for the loan?

keza

no not yet. shall i write them a letter explaining my concerns and ask them to explain where my money went?

stephane_2

Yes you should as they should be able to provide you with a total breakdown of loan payments, so how much interest you would pay on "months 1" but as well on "months 23". Am not sure how they call it but its like a "Table of repayments".