early repayment(soz)

discoass

i took out a 10g loan last june at 18.6 %(i know dont lecture)

i pay £251 mnt (no missed payments,no ppi,no holidays)

10x 251 =£2510

today i asked 4 a settlement figure as i am going 2 pay it off
and i was quoted £9580 this seems a very high figure to me
what u reckon?
ive worked it out to be bout 9g +penalty interest
ps black horse

redpete

Ignoring any early repayment penalty after 10 months you would still owe around £8970 on the capital.

So does a penalty of around £610 make sense given the Ts&Cs on the loan?

discoass

redpete wrote: »

Ignoring any early repayment penalty after 10 months you would still owe around £8970 on the loan.

So does a penalty of around £610 make sense given the Ts&Cs on the loan?

this is what i thought ,they can only charge me 2 mnth interes