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Repayments 4x higher than outstanding loan balance
My bank has said that despite the loan balance being about £300 DR, I have 6 more instalments of £200 to pay.
When questioned the bank said this is because I missed repayments. But if that's true, they must have taken off the (non-paid) instalments off the loan balance to create this shortfall - which doesn't make sense.
I don't understand how they can do this. Surely once the balance runs down to 0, the account is going to be in credit - i.e. they will owe me money.
Do I owe them anything at that point? Anyone had a similar experience?
When questioned the bank said this is because I missed repayments. But if that's true, they must have taken off the (non-paid) instalments off the loan balance to create this shortfall - which doesn't make sense.
I don't understand how they can do this. Surely once the balance runs down to 0, the account is going to be in credit - i.e. they will owe me money.
Do I owe them anything at that point? Anyone had a similar experience?
0
Comments
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Did you miss payments?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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I did - way back at the start of the loan (it's a Career Development Loan). Could that be it?
Still not very commonsensical for there to be such a big difference between the balance and the instalments tho...0 -
You need to ask for a breakdown of the loan showing all payments / interest charges / penalties."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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