Early Settlement Figure

treblligretep

Spoke to my bank yesterday to say was considering "topping up" my personal loan with them and in doing so pay of the existing loan with them. No problems.
However when i asked how much "rebate" they would allow me for early repayment of the existing loan i was told "none".

Was somewhat confused because over the years I had received rebates on previous early settlements. Bearing in mind that I don't understand financial jargon - they mentioned something about projected interest figure on the term of the loan......etc etc" seeming to suggest that something has been set in stone and i could not receive any sort of benefit for early settlement.

Why am i asked to pay interest on a sum of money which would have been repaid in full?

H E L P P L E A S E

CLAPTON

not many facts and figures to go on here but you will not be charged all the interest if you repay early.

If you post up the figures for the loan then we will be better able be advise
-amount borrowed, apr, period or loan, monthly payment, number of payments made, current settlement figure and anything else relevant


I hope the new loan is at an equal or lower APR than your existing loan

You make it sound as if you often have loans; if so why are you reducing your standard of living by paying interest to banks when if you saved for things you wanted you would have all that money to spend on yourself/family rather than helping out the banks

treblligretep

Many thanks Clapton.
My documentation for the current loan has mysteriously been "mislaid". Will get back to you later if that's ok.
The APR quoted to me is slightly less than the current loan.
Your advice about loans in general and "giving" to the bank was accepted in good heart and makes perfect sense. Regretfully, however, circumstances dictate.
Cheers.