Loan Settlement

Emma2010

Just hoping someone can help, i ve had aloan with HSBC for 7 years and i just wanna get rid.
Loan amount £7690
Term 57 months
Paying£180 per month
Remaining £3400
APR 13.3%
I ve asked for an early settlement figure but they cant work one out because of un applied interest is this true ? Asked them to add it on, to date with the interest but they cant ?! Is this right ?
Ihave £3000 saved up is this worth offering ? Bank just wont give me an answer.
Thanks

Tixy

Emma2010 wrote: »

Just hoping someone can help, i ve had aloan with HSBC for 7 years and i just wanna get rid.
Loan amount £7690
Term 57 months is this how far you are into the loan? or how much you have remaining. (I'm assuming it cannot be the total length as you say you have already had it for 7years (84months)
Paying£180 per month
Remaining £3400 have they given you this figure?
APR 13.3%
I ve asked for an early settlement figure but they cant work one out because of un applied interest is this true ? Asked them to add it on, to date with the interest but they cant ?! Is this right ?
Ihave £3000 saved up is this worth offering ? Bank just wont give me an answer.
Thanks

Have you always made all payments on time? If they have given you the figure of £3400 as the balance (not the total of the remaining payments) then I cannot see they will accept only £3000.

CLAPTON

how many payments have you made

did you ask them to send you a settlement figure or what exactly?

Common_Sense_2

they need to send you a settlement figure within 7 days of you asking for it...

Emma2010

Hi sorry forgot to mention that it is a managed loan which started july 2007 but previous to that had a loan that turned into a managed loan because i missed a payment.
I havent missed any payments since july 2007 , loan due to end march 2012 so im 33 months through .
The balance is£3314.16 without interest. Im paying about £23 a month interest at the moment