Settled a loan 17 months early but no refund of interest

travelhealthquote

hi,
i think there has to be refund of the interest, since the payment was made by 17 months

jonesMUFCforever

travelhealthquote wrote: »

hi,
i think there has to be refund of the interest, since the payment was made by 17 months

What are you talking about.
Personal loans charge daily interest (posted monthly) so if you pay early there is no interest to be refunded - the saving you make is not paying the whole amount of interest that would have been charged in accordance with your CCA agreement.

maccydee

Typical of a Manure fan to pop in without understanding what is being talked about.

I paid the loan early by 17 months however the settlement figure was the same as the money owed figure. Therefore I have paid the full 32k of the loan which was 25k loan plus 7k interest. The interest was front loaded apparently although there was no mention of this in my terms and conditions.

maccydee

Yep full breakdown received from HSBC and I have paid 79 payments and my loan was paid back with 17 payments left. 96 divided by 5 is 19.2 so I have almost a fifth left of my loan.

CLAPTON

why not quote the figures?