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HFC loan - Early settlement figure
HFC loan for computer ... £436-96 ... 1 Oct 2008
Interest rate 19-92% ... duration 48 months
Direct Debit = £13-27 per month
(pays off about £7-£8 per month of the debt cos get £5-£6 interest added per month)
Today
14 May 2010 - Early settlement figure of £ 270-69 (current balance)
Your Early Settlement Option period ends on 7th June 2010. Your current balance is £ 270-69 and this is the amount required to settle your account inclusive of the Early Settlement Fee of £25. Since the day your account opened, interest has been accruing. If you do choose to settle your account, all charges other than the Early Settlement Fee will automatically be waived, provided that we receive your full payment by the above date.
Questions
1. Is this a good early settlement figure ?
2. How much interest (money) would be saved by paying it off now ?
3. (cost of paying loan off now) VERSUS (cost of letting loan run for the duration, another 14months)
Interest rate 19-92% ... duration 48 months
Direct Debit = £13-27 per month
(pays off about £7-£8 per month of the debt cos get £5-£6 interest added per month)
Today
14 May 2010 - Early settlement figure of £ 270-69 (current balance)
Your Early Settlement Option period ends on 7th June 2010. Your current balance is £ 270-69 and this is the amount required to settle your account inclusive of the Early Settlement Fee of £25. Since the day your account opened, interest has been accruing. If you do choose to settle your account, all charges other than the Early Settlement Fee will automatically be waived, provided that we receive your full payment by the above date.
Questions
1. Is this a good early settlement figure ?
2. How much interest (money) would be saved by paying it off now ?
3. (cost of paying loan off now) VERSUS (cost of letting loan run for the duration, another 14months)
0
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