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Egg Loan Settled

alemac
alemac Posts: 7 Forumite
in Loans
Hi

I have recently settled my egg loan and was given a settlement figure minus payment protection. My question is: should there be a rebate for interest for the rest of the loan?

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    when a loan is settled you are liable to pay the amount of capital outstanding and maybe an early settlement fee

    somtimes this is expressed as the total owed (i.e capital plus interest to full term) less an rebate of interest

    without the figures it's impossible to say about your situation
  • alemac
    alemac Posts: 7 Forumite
    CLAPTON wrote: »
    when a loan is settled you are liable to pay the amount of capital outstanding and maybe an early settlement fee

    somtimes this is expressed as the total owed (i.e capital plus interest to full term) less an rebate of interest

    without the figures it's impossible to say about your situation

    Hi Clapton

    It was ten and half k, got the settlement for 9.7k.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    inital loan amount
    APR
    period of loan
    any payment fre period
    any missed payments
    monthly payment
    how many months payment were made at the settlement date
    settlement amount
    details of PPI
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Most loans charge daily interest.
    Therefore there is no refund of interest due.
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