Need help with mis-sold Picture loan

redpete

amersall wrote: »

These loans are apr variable so you pay more off the interest in the earlier years (much like a mortgage) before you see a reduction on the actual debt, this is made worse by the interest they charge.

APR variable means the interest can change during the period of the loan. If the interest rate stays the same the APR will be the same, the reason you don't pay much off the capital in the early years is that the monthly payment is the same throughout the period but at the beginning, because you owe more money before you start paying it off, most of this monthly payment is interest, at the end most of it pays off the capital.

AMILLIONDOLLARS

You don't say what your term is? We assume it was for 25years on 50K, have you missed any payments?

I'm afraid it sounds like you want a quick way out of paying. Save your money for paying off this debt. I would start to make overpayments if I were you.

AMD