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NRAM personal loan
Sneakypete_2
Posts: 4 Newbie
in Loans
Hi There,
I have a personal loan with NRAM. The original loan amount was for £4890.40 with a total charge for credit of £888.56 giving a toal loan amount of £5778.96. My last payment was due in March 2014 but i have been overpaying and my last payment will be next month (August) so i will have paid the loan up by about 18 months early. Spoke to NRAM about a rebate on the interest charge as this was put on at the start of the loan and i will have paid up early so will have been charged for an extra 18 months interest. I was told they don't do rebates on loans paid up early, they only pay it if a settlement figure is asked for and the loan is then paid up for in full. This doesn't seem quite right to me. Is this correct or are they just trying to pull a fast one on me?
I have a personal loan with NRAM. The original loan amount was for £4890.40 with a total charge for credit of £888.56 giving a toal loan amount of £5778.96. My last payment was due in March 2014 but i have been overpaying and my last payment will be next month (August) so i will have paid the loan up by about 18 months early. Spoke to NRAM about a rebate on the interest charge as this was put on at the start of the loan and i will have paid up early so will have been charged for an extra 18 months interest. I was told they don't do rebates on loans paid up early, they only pay it if a settlement figure is asked for and the loan is then paid up for in full. This doesn't seem quite right to me. Is this correct or are they just trying to pull a fast one on me?
0
Comments
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You won't get a refund of interest as they have not put it on at the start.
Interest is charged monthly - you have been overpaying you have been paying less interest than your agreement states.
You have saved by not having to make 18 months payments!
Congratulations.0 -
If the original term said 5778, how much would you have paid by next month?0
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I will have paid £5778.960
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Can you scan a copy of your CCA agreement here?0
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