advice needed please

jaydensrara

Hello,I'm hoping someone will be able to offer me some advice regarding my NATWEST personal loan.
I currently have a loan with natwest jointly with my husband.We pay £199 a month and theres 9 months left until its paid in full.
Last week I rang them and asked to change the repayment day from 10th of month to the 12th,(due to change in my wages dates).
Had letter from them this morning saying dates been changed as asked but payments gone up from £199 a month to £234 a month
I rang them and was told its interest on the payment being moved 2 days and will be kept the higher amount until loan paid off in full
Surely this can't be correct,I can't even work out the interest rate thats £35 for 48hrs. They won't allow me to cancel my direct debit as they want their payment but on tuesday an extra £35 will be taken out of my account and theres nothing I can do to stop it
Thank you

Moneymash

To avoid changing the DD at all, couldn't you have taken £199 out of your savings to make up the shortfall for the difference in pay dates. Once the first month is out of the way you can go back to budgeting for the normal £199 monthly payment.

Tixy

That does seem quite a large increase given the total amount of time left on the debt. And I do think that they should have mentioned to you that the figure would change due to the change in the payment date - though it would be expected that there would be a small increase in the repayment level.

Are you certain by doing this they haven't switched it to 8 remaining payments rather than 9 so that it will still be paid in full by the 10th of October(?) Which would then mean you are paying £1872 rather than £1791? so not such a massive increase overall.

jaydensrara

Thanks Tixy.
I rang them again after reading your response to check,but they say the end date is still the same month only final payment will be sept 12th instead of 10th.
They have said they will investigate though as finally got to speak to someone who agreed the interest rate was too high,should hear from them within 5 working days