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Northern rock loan advice
Rogmeister
Posts: 8 Forumite
Hello all, hoping you can advise
In 2004 I took out an 18k loan with northern rock. This was at 7.6% apr and over 60 months.
Now I applied online and clicked the box saying no to ppi. A few days later I was called to be talked in to it but again told them no.
The loan was accepted and the monthly repayments were £404. It was only last week that My friend at work informed me this was far to much and that didn't add up...
I have no idea how you work out apr but was that too much?
I had no need for ppi as I work in one of the only jobs where you cannot be made redundant. I never missed a payment and it's all now paid off.
Anyone think I have a claim?
In 2004 I took out an 18k loan with northern rock. This was at 7.6% apr and over 60 months.
Now I applied online and clicked the box saying no to ppi. A few days later I was called to be talked in to it but again told them no.
The loan was accepted and the monthly repayments were £404. It was only last week that My friend at work informed me this was far to much and that didn't add up...
I have no idea how you work out apr but was that too much?
I had no need for ppi as I work in one of the only jobs where you cannot be made redundant. I never missed a payment and it's all now paid off.
Anyone think I have a claim?
0
Comments
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Anyone think I have a claim?
based on what you have said, no.
You dont know you have it. So, how can you have a claim until you know that?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
based on what you have said, no.
You dont know you have it. So, how can you have a claim until you know that?
Sorry maybe I didn't make sense. A bloke at work said £404 for 60 months is too much for an 18k loan at 7.6%. If its too much then where's the difference gone?
How do u work out what monthly repayments should be?0 -
well my rough calculator says £400-430 is correct.
and if you cant work it out, when you had the paperwork, you had the breakdown, you had the contract...how can i work it out in 5 seconds?Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
Cheerful bunch this forum.
I was 20 years old and all I cared about was my new car. The paperwork was an after thought!
It was only a push from someone at work. I'll call northern rock and ask if I had it or not.0 -
Hi there,
I can't post links but if you google guardian apr calculator that may help
0 -
Hi there,
I can't post links but if you google guardian apr calculator that may help
Just the answer I needed. Just used it and there's a £43 a month difference.
I'll definitely give them a call and find out why this was. Didn't even realise for all them years.
Oh the joys of being young0
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