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Change re-payment date! possible?
Hello
I have a personal loan with my bank (co-op) and my payments are £197.77 pcm.
I get paid 4 weekly and would like to make my repayments follow suite (4 weekly). I asked my bank if they could adjust my repayments to match my wages but they said it will affect my rate of interest so this wasnt possible. Can any one confirm this or should i dispute it as interest is calculated per annum so whether i pay £2373.24 @ £197.77 pcm or £2373.24 @ £182.56 p4w, surely the interest is the same anyway?
thanks for any and all replies
regards
I have a personal loan with my bank (co-op) and my payments are £197.77 pcm.
I get paid 4 weekly and would like to make my repayments follow suite (4 weekly). I asked my bank if they could adjust my repayments to match my wages but they said it will affect my rate of interest so this wasnt possible. Can any one confirm this or should i dispute it as interest is calculated per annum so whether i pay £2373.24 @ £197.77 pcm or £2373.24 @ £182.56 p4w, surely the interest is the same anyway?
thanks for any and all replies
regards
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