Barclays partner finance early settlement

jakeleo09

Hi, I hope somebody can help me. My dad has a Barclays partner loan that he took out for me to buy me a car. I am half way through the loan and my car has been written off. Last month (month 29) my early settlement was £4988. I would like to know what the following means and what my settlement may be now that I'm half way theology the term.

"Early settlement of this agreement - If you choose to settle this agreement early on the dates below the amount you will pay, per £1000 borrowed will be : When a quarter of the term has elapsed £816.30, when half of the term has elapsed £582.58, when three quarters of the term has elapsed £312.32".

I originally borrowed £9999. I have no idea what apr was. I paid £166.65 per month, I am now on month 30. I have a total of £3900 to pay to this car and I would hate to tell my dad I can't afford to pay it so can anyone work out what my early settlement would be now depending on all the info above? Thanks!

CLAPTON

how long was the loan for ?
where did you get the early settlement of 4988 from?

the quotes mean (e.g.) that after half the loan period the settlement figure would be

9999 x 582.58/1000 = 5,825.22

jakeleo09

Hi the loan is over 60 months and I'm on month 30. The settlement as of today is £4700 roughly and once I pay another payment in thenext few days that me def half way through

CLAPTON

something wrong with the figures

if your original loan amount was 9,999 and you are paying 166.65 per month then your interest rate is 0% ... that doesn't seem right

so is 9,999 the total due i.e. the original loan amount plus the interest?

jakeleo09

Hi the interest isn't 0% I'd take a guess that its around 16.9. I don't have the figures to hand but ill double check this afternoon. Please bear with me!! Xx

jakeleo09

Sorry full finance of 10,099 over 60 months. £100 deposit at first month and £166.65 every month after that. Now on 30th month

CLAPTON

jakeleo09 wrote: »

Sorry full finance of 10,099 over 60 months. £100 deposit at first month and £166.65 every month after that. Now on 30th month

what does 'full finance mean'?

I need to know how much you borrowed from the bank and how much the interest is

jakeleo09

£10'099 borrowed in total but unsure of interest. 16.9% is a guess I can get actual figures later today

CLAPTON

language is divding us

1. lets say I want to buy a car for 5,000
2. I ask the bank for a loan of 5,000
3. They agree and tell me the total cost of the loan will be 7,250 and require 60 monthly payments of 120.


in the sense of item 2 above.. how much did you borrow from the bank?

jakeleo09

I originally borrowed 9999 for the car. So interest must be added on top of that I'm guessing.

CLAPTON

jakeleo09 wrote: »

I originally borrowed 9999 for the car. So interest must be added on top of that I'm guessing.

sorry the figures you are quoting make no sense

either find out the full facts or just accept their early settlement figure and clear the loan.