How much is left to pay?

Citywalk

I am trying to work out how much i have left to pay on my loan and the phones are closed :-(

Original Loan was £5000 or £5921.76 with interest

The last statement I have that i can find was 25/06/12
Amount to pay off loan at that time was £4054.01

Monthly i pay £123.37.

Head is now fried full of numbers!!! I no its not as simple as taking away 7 months payments from the £4054.01

Tixy

Hi
Need to know either the APR, or original number of payments, or remaining no of payments to have a stab at the number.

stephane_2

Give them a call in the morning....!!

Daedalus

Citywalk wrote: »

Head is now fried full of numbers!!! I no its not as simple as taking away 7 months payments from the £4054.01

Yes it is. A loan is a fixed payment plan, by your figures it is £123.37 a month for 48 months (4 years)

£740.22 for 6 months.

£4054.01 - £740.22 (6 x £123.37) = £3313.79 left.

Citywalk

Calling them in the morning

jonesMUFCforever

Daedalus wrote: »

Yes it is. A loan is a fixed payment plan, by your figures it is £123.37 a month for 48 months (4 years)

£740.22 for 6 months.

£4054.01 - £740.22 (6 x £123.37) = £3313.79 left.

No it won't unless interest is front loaded - very unlikely since rule of 78 was abolished.

zoominatorone

jonesMUFCforever wrote: »

No it won't unless interest is front loaded - very unlikely since rule of 78 was abolished.

when was that rule abolished?

Apples2

Depends if we are working out an early settlement figure or simply what is left to pay if it runs its course.

jonesMUFCforever

zoominatorone wrote: »

when was that rule abolished?

Not many loans have been using this for the last 7/8 years.

aleenajoe

Yeah it is the policy of loan donor...