Loan Rip OFF

rartherinv

As stated over and over, OP needs to

1. Check contract to figure out any early repayment clauses/options

2. If early repayment is an option, contact lender to find out an early settlement quote.

Lender is probably just displaying principle and interest of the full term, which is their prerogative, does not mean that the interest cannot be reduced by early repayment. That might cause people who did not read the T&C's or calculate the full term's interest to mess their pants, but you could argue it is much more transparent than if a statement said you have £15k left to pay of the loan, when actually you have £50k still to go when you consider the big term and big interest agreed by both parties.

fozmcfc

My post was just to highlight that in general, it is frustrating to read that so many people who take out such large loans don't think about how long and how much it is going to cost.

Thankfully companies such as First Plus and Picture no longer are advertising on the TV to encourage people to take out £25k loans and pay them back over 25 years.

It wasn't specfically directed straight at the OP, but more a general statement.

No doubt won't be the last time I'm called a coffin dodger and I do look a bit older than 41, but hopefully I won't be hearing it for a few years yet.