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Paying off Egg loan early
Hi folks,
I have emailed Egg to ask them for a settlement figure on my loan account and they have given me a figure of 4476. This however includes all the interest that is remaining on the loan, i.e around 3 years worth of interest at 7.9% and I thought the whole reason for paying off the loan was to not pay as much interest?
Does anyone know if this is correct? I think it is very unfair as the original loan period was for 5 years and I will have only had it for 2 so its not fair that I still will have to pay the interest for the remaining 3 years - I might as well not bother paying it off!
Thanks.
I have emailed Egg to ask them for a settlement figure on my loan account and they have given me a figure of 4476. This however includes all the interest that is remaining on the loan, i.e around 3 years worth of interest at 7.9% and I thought the whole reason for paying off the loan was to not pay as much interest?
Does anyone know if this is correct? I think it is very unfair as the original loan period was for 5 years and I will have only had it for 2 so its not fair that I still will have to pay the interest for the remaining 3 years - I might as well not bother paying it off!
Thanks.
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