statements

crumpledcash

Am I correct in saying that when a person has a loan with a finance company that they should,by law, have at least one statement sent to them yearly?.

Burlesque_Babe

Not sure........can't think that I've had annual statements in the past from loans.......

sammiboo

I had yearly statements when i was with clydesdale

Scottishmummy

I think if you are on a variable rate then yes you should get a statement but where your payments are exactly the same every month then no. I've certainly never had them.

crumpledcash

but, if you dont get statements how do you know you if are being ripped off?

Scottishmummy

Because if you are on a fixed rate loan you would have been told how much your monthly payments would be, how many payments you would have to make and how much the interest would make the loan in total. Therefore if you are on a 3 year loan after 36 payments you would be debt free. Can't see where they could rip you off unless you agreed to a loan with extortionate interest but you would still know the number of payments needing to be made.

crumpledcash

how about if you get FIVE different settlement figures over six months?

Scottishmummy

crumpledcash wrote: »

how about if you get FIVE different settlement figures over six months?

How different were they? If you are continuing to pay your monthly payment then the settlement figure will change as you have paid some more off. The settlement figure should have gone down a little each time you make another payment. Not necessarily by the amount you have paid though.