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Loan settlement query
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Hi,
2 years ago I took out a small loan £3,000 to help purchase a new car after my old one was broke into and wrote off. As I was short of cash at the time I had the loan over 84months.(12.9%)
I am now in a position to pay this loan off after saving about £2,000 and have made 21 monthly payments of £54 at towards it so far, on ringing up the Halifax they have offered a settlement figure of £2,650. To me this seems unreasonable as I have made over £1100 in payments back to them - I was expecting them to add interest on and charge me about £2,100.
Is it right that I have to pay back the full £2650 or are Halifax inflating the figure?
thanks in advance
2 years ago I took out a small loan £3,000 to help purchase a new car after my old one was broke into and wrote off. As I was short of cash at the time I had the loan over 84months.(12.9%)
I am now in a position to pay this loan off after saving about £2,000 and have made 21 monthly payments of £54 at towards it so far, on ringing up the Halifax they have offered a settlement figure of £2,650. To me this seems unreasonable as I have made over £1100 in payments back to them - I was expecting them to add interest on and charge me about £2,100.
Is it right that I have to pay back the full £2650 or are Halifax inflating the figure?
thanks in advance
0
Comments
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did you have any payment free months at the beginning of the loan,
any missed payments?
and any PPI0 -
No payment free months, missed payments and no PPI.0
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roughly speaking after 21 payments you would still owe about 2,500 in capital so 2650 seems rather high but equally 2,100 is less than the capital remaining.0
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Thanks for your reply - is it worth me pushing them and complaining about the settlement figure, I mean is there anychance they would lower it?0
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Thanks for your reply - is it worth me pushing them and complaining about the settlement figure, I mean is there anychance they would lower it?
Take your CCA agreement to CAB and ask them to work it out for you.
You could actually do it yourself with a spreadsheet.
Have you also taken into account the early closure fee which is typically 2 months interest?0
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