Excessive interest charges for paying my loan off early?!!!!

lilyminx_2

PLEASE HELP... i've recently paid off my car loan which i had with HSBC. I paid this off early and they did give me the small amount of money back for the insurance which i'd paid to cover my loan if i was ever off work...however, for paying my loan early, they've still charged me a huge amount of interest for the full term of the loan....this seems very unfair...is it legal or can i get my money back?
I paid it off over 4 months, and they've charged me for 26months still!
It seems a very unfair amount of interest when i thought i was being good by paying my loan off early.
I would really appreciate your help on this, as i'm not an argumentative type of person at all, and really need some back up...many thanks for your time.

jonesMUFCforever

You say a Car loan but was it a Personal loan used for a car purchase (they are not the same thing)?

If it was a Personal loan you would have had a CCA agreement stating the total cost of borrowing - have you got this document?
Some banks also give examples of how much you could receive as a part refund of PPI - did they give you this and if so have you still got it?

Perhaps you could furnish us here with some figures off the CCA
1 How much did you borrow and over what timescale?
2 The cost of the insurance
3 The APR of the loan
4 As per your copy of the CCA what is the total amount of interest charged on the loan (if you were to continue paying over the original term)
5 How much you received as a refund for the insurance
6 The figure they have asked to close the loan.