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Santander loan settlement figure
Can someone tell me im not being thick here, we took out a loan about 2 1/2 yeas ago and asked for a settlement figure, which came to £3036.29, this is valid for 28 days taking it past the next payment due date, which is the 1st April. monthly payment £167.25, the settlement figure is calculated from the oustanding capital and one months interest penalty.
Now this is where i dont get it.
Outstanding capital balance as of today 24/03/11 £2835.99 and one months interest is £33.05 I make that £2869.04.
Santander say that the settlement figure includes the next due payment on the 1st.
I fail to see if the settlement figure includes the next months payment then how can it be so high, last months payment comprised of approx £18.97 interest, which means if the settlement figure takes into account next months payment then i make the settlement figure £2835.99 less the capital in the next payment £149 approx leaving £2686 plus the one month penalty interest of £33.05, making a settlement figure of £2719.
im not going mad am i?:eek:
Now this is where i dont get it.
Outstanding capital balance as of today 24/03/11 £2835.99 and one months interest is £33.05 I make that £2869.04.
Santander say that the settlement figure includes the next due payment on the 1st.
I fail to see if the settlement figure includes the next months payment then how can it be so high, last months payment comprised of approx £18.97 interest, which means if the settlement figure takes into account next months payment then i make the settlement figure £2835.99 less the capital in the next payment £149 approx leaving £2686 plus the one month penalty interest of £33.05, making a settlement figure of £2719.
im not going mad am i?:eek:
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