help with early sett fig

aimingforadebtfreelife

hi all, can anyone help with an early sett fig - tried using dual calc but keep getting lost with it. Loan was with Citifinancial at a whopping APR (low credit score) but with funds now available can settle.

Total advanced £3500
Arrangement fee - £115

Total amount payable - £4830.96

38.6% apr (ouch

Total charge for credit £1215.96
Fees (arrangement fee) £115.00

So overall credit charge £1330.96 - 29.55% PA

24 payments at £201.29

Have made 5 payments so far.

They state they can charge 2 months penalty interest for sett?? Is this correct? Plus on the original form they have giving early sett fig examples - the one after 1/4 loan (what i am now) is £2898.52 yet the staff told me is this only an example but not binding? Any ideas why.

Please help me escape Citifinancial.

Many thanks in advance :j

aimingforadebtfreelife

has anyone got a quick guide on how to use dual calc??

FTD

Ask if you can make overpayments, if you can pay off most, but not all of the loan, then pay the rest off next month, you should only get charged the interest on the remainder of the loan that way!!

nomoneytoday

Any loan cancelled within the first few months will have a high settlement figure (except in first 14 days).

This is because you have agreed a contract to pay interest to the lender
whch they will no longer get. A portion of this is rebated.

Interest is also front loaded.

As you haven't paid much off the principal, the combination of interest and this means your settlement figure will usually be higher than expected.