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HSBC Front Loaded Loan
Will_Silver
Posts: 15 Forumite
Can i just check that the following is a front loaded loan, i am a bit confused in that the premium for the credit protection is paid monthly, but was added to the total amount of the loan in the first place.
Principal Loan
Amount of Loan £15,000
Total Charge for Credit £ 3,891.75
APR 9.9%
Date of First Repayment 1st Nov
Initial Repayment of £314.42
59 further monthly
payments of
£314.87
Total Amount Payable £18,891.75
Credit Protection Insurance Loan
Amount of Premium £3,164.37
(Including Insurance Premium Tax)
Amount of Loan £3,160.00
Total Charge for Credit £ 819.86
APR 9.9%
Total Amount Payable £3,979.86
Initial Repayment of £66.39
Date of First Repayment 1st Nov
59 Further Repayments of £66.33
If so, how do i best word this in the letter and the FOS Questionnaire what I mean is, if this is the primary reason, do I concentrate on this as against more minor reasons.
Principal Loan
Amount of Loan £15,000
Total Charge for Credit £ 3,891.75
APR 9.9%
Date of First Repayment 1st Nov
Initial Repayment of £314.42
59 further monthly
payments of
£314.87
Total Amount Payable £18,891.75
Credit Protection Insurance Loan
Amount of Premium £3,164.37
(Including Insurance Premium Tax)
Amount of Loan £3,160.00
Total Charge for Credit £ 819.86
APR 9.9%
Total Amount Payable £3,979.86
Initial Repayment of £66.39
Date of First Repayment 1st Nov
59 Further Repayments of £66.33
If so, how do i best word this in the letter and the FOS Questionnaire what I mean is, if this is the primary reason, do I concentrate on this as against more minor reasons.
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Single Premium.Non me fac calcitrare tuum culi0
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