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Egg loan weird calculator
I was considering repaying my Egg loan early which I can do without penalty according to Egg.
I've 10 instalments of £254.33 left (£2543.30)
Current early repayment - £2575.88. (£32.58 more)
After a few emails Egg still insist I'll be saving over £80 in interest.
They keep rattling on about how the current figure is only the capital without interest, but the capital figure is more than my remaining repayments, which also include interest!
They've confirmed that I only have 10 payments left and the monthly payment is correct.
I've simplified my last email to them this morning - Please explain how 2575.88 is less than 2543.30.
Let's see...
JB
I've 10 instalments of £254.33 left (£2543.30)
Current early repayment - £2575.88. (£32.58 more)
After a few emails Egg still insist I'll be saving over £80 in interest.
They keep rattling on about how the current figure is only the capital without interest, but the capital figure is more than my remaining repayments, which also include interest!
They've confirmed that I only have 10 payments left and the monthly payment is correct.
I've simplified my last email to them this morning - Please explain how 2575.88 is less than 2543.30.
Let's see...
JB
0
Comments
-
Hmmm....
It seems to be be because I selected the wrong date for my direct debit. I chose 28th of the month (to match all my others) rather than the 8th (the day the loan was taken out) which attracted extra interest. I wish I'd known that the day was so crucial - my last payment is now 50% higher!
It still took six emails before I could get them to tell me I had a higher final payment and in every one I had stated '10 payments of £254.33.'0
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