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early settlement help
hi every one.
thanks in advance for any help and here is my problem.
3 years ago i took out a secured loan of 5000 over 10 years :mad: up to now i have paid 2354.86.
on friday i decided it best to try and settle this loan as i am now in a position to do so, so rang the company in question and asked for two things, the current ballance of the account, and a settlement figure.
the current ballance was 4677 left to pay over the coming 7 years and the settlement figgure was 4668 to clear in full, meaning they are almost asking for every penny i would pay over the 10 year period anyway.
my two questions are:-
is this normal?
can i negotiate this sum with the lender or will they just ignore my requests and hold out for full payment?
thanks in advance for any help and here is my problem.
3 years ago i took out a secured loan of 5000 over 10 years :mad: up to now i have paid 2354.86.
on friday i decided it best to try and settle this loan as i am now in a position to do so, so rang the company in question and asked for two things, the current ballance of the account, and a settlement figure.
the current ballance was 4677 left to pay over the coming 7 years and the settlement figgure was 4668 to clear in full, meaning they are almost asking for every penny i would pay over the 10 year period anyway.
my two questions are:-
is this normal?
can i negotiate this sum with the lender or will they just ignore my requests and hold out for full payment?
0
Comments
-
what is the APR?
how much are the monthly payments
how many payments have you made0 -
APR was 11.9 variable
30 payments made so far
payments currently 67 but started at 80 at the begging of the loan term
thanks for responding0
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