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HFC settlement figure
system15000
Posts: 102 Forumite
in Loans
Is this right i took a loan out for £1000.00 over 36 months in july this year, total amount after intrest was £1697.76 but when i asked for a settlement figure after paying £1040.00 back they said it was £424.51 as they lump the intrest for the full term of the loan at the beginning so that £424.51 is the intrest remaining.
Can they legally do that cause it seems to me i've been ripped off
Can they legally do that cause it seems to me i've been ripped off
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Comments
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Yes they can I'm afraid.0
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yeah you'll find most loan companies have front loaded interest which is a huge pain if you want to settle early.
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Just got my settlement figure from hfc and also feel the same as op, will not use them again.0
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No One Get A Loan From Hfc/beneficial Finance Shocking Apr's0
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Hope I'm not changing the subject too much but we have a loan with HFC (kinda like a credit card with a minimum payment each month) and the APR is 23.6%!!!
Do you think it's worth asking them for a reduction in interest rate and if so is it best to ring them or write?0
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