Car Finance Breakdown

amillionlittlepieces

Hi,

I have Hire Purchase with Black Horse finance for a car and was wondering if upon request, they would provide me with a breakdown of my HP over the term. What I want to know is what interest I'm paying each month and what my balance would be at any given month.

I'm sure I could use a loan calculator but not sure if they calculate intesterst etc the same way.

Thanks

poppasmurf_bewdley

Why not ask them?

Apples2

Why?..............

amillionlittlepieces

Apples2 I just like to know exactly what I owe at what point. Would save me asking for a settlement figure each month. Pedantic I know, but that's just the way I am!

I din't know whether it was something all lenders HAVE to provide if you request. I will just ask them.

Jenny1983

what car are you driving now?

Apples2

amillionlittlepieces wrote: »

Apples2 I just like to know exactly what I owe at what point. Would save me asking for a settlement figure each month. Pedantic I know, but that's just the way I am!

It doesn't look like you could do anything about it anyway so I still don't understand why...

You know how much you owed in the first place.
You know how many payments there are.

Why not simply use the starting figure, divided by the amount of payments as a linear scale?

The only reason you would need accurate figures is if you are going to settle or VT.

You could use this calculator to show the Interest/capital repayments but it is still not relevant unless you are going to do something about it.

http://www.theguardian.com/money/loan-repayment-calculator-interest-rates

~Brock~

You have a right to ask for a breakdown of remaining payments under s77B of the Consumer Credit Act 1974. This is a new provision that was introduced in February 2011. There should also be mention of this somewhere on your credit agreement.

Under such a request, a lender must provide a statement which shows how much of each remaining payment is comprised of capital and interest.

Sounds like this should be suitable for your needs.

rajarr

brock is right, I work for BMW financial services and we have to provide them upon request.

Sure black horse would be the same

amillionlittlepieces

Apples2 wrote: »

It doesn't look like you could do anything about it anyway so I still don't understand why...

You know how much you owed in the first place.
You know how many payments there are.

Why not simply use the starting figure, divided by the amount of payments as a linear scale?

The only reason you would need accurate figures is if you are going to settle or VT.

You could use this calculator to show the Interest/capital repayments but it is still not relevant unless you are going to do something about it.

http://www.theguardian.com/money/loan-repayment-calculator-interest-rates

Yes, that's the point, I might want to settle at any point, or make overpayments etc

amillionlittlepieces

Thanks for your replies rajarr and brock!!

National_Debtline

~Brock~ wrote: »

You have a right to ask for a breakdown of remaining payments under s77B of the Consumer Credit Act 1974. This is a new provision that was introduced in February 2011. There should also be mention of this somewhere on your credit agreement.

Hi there,

If the finance is under hire purchase you may find that a s77b request is rejected. The reason being is that the finance is not classed as a fixed-sum loan.

If this happens you can make a request for the credit agreement and a full statement of account under s79 instead. This would cost £1, they would have twelve days to provide the information

You can find out more via our fact sheet 'Getting information about your credit agreement':

https://www.nationaldebtline.org/S/factsheets/Pages/29%20SCOT%20Credit%20agreements%20-%20getting%20information/Default.aspx

Best wishes,

David @ NDL.