Weird loan statement - Sainsburys

[Deleted User]

Borrowed £3000 over 48 months. £79 odd a month. Total repayable £3816.96.

Anyway, first year statement shows opening balance of £3816.96, lists interest each month and payments but then outstanding balance of £3101.28.

Surely thats not right. The loan can never be more than started unless I miss payments, can it?

Yes, I agree that if I pay the loan until then end I have got another £3101 to pay in appox 39 more payments.

But if I wanted to pay off the loan early, say tomorrow, ignoring any redemption penalties, the balance would be a lot less than this, wouldnt it?

Apples2

It's a statement, not a settlement figure.

It shows you are bang on course to repay your loan at your current rate. The amount you owe at the start was £3,816.96 so it has simply subtracted your payments.

If you request a settlement figure, it will be less.