Loan Amortisation statement

Nearlyold

Arul wrote: »

I was also surprised on how did you manage to compute the 40P saving per month without knowing the rate of interest I borrowed the loan for? Any details shared will be helpful for others in the forum as well.

Pro rata calculation - Total Interest payable divided by amount borrowed X £100 gives an fairly accurate approx. figure this early in the loan. You can also easily arrive at a approx. figure for your interest rate by calculating the total interest payable as a % of the amount borrowed dividing by the term in years, doubling the answer and taking off half to one % - so in your case the APR is probably around 9.5% pa

Did you actually let HSBC know you wanted to make an overpayment or did just you just pay it in.


Before you go to FOS you have to complain to HSBC first and await their final response.


FOS do not get involved in "Issues" that's for the FCA

Arul

Nearlyold wrote: »

Pro rata calculation - Total Interest payable divided by amount borrowed X £100 gives an fairly accurate approx. figure this early in the loan. You can also easily arrive at a approx. figure for your interest rate by calculating the total interest payable as a % of the amount borrowed dividing by the term in years, doubling the answer and taking off half to one % - so in your case the APR is probably around 9.5% pa

Did you actually let HSBC know you wanted to make an overpayment or did just you just pay it in.


Before you go to FOS you have to complain to HSBC first and await their final response.


FOS do not get involved in "Issues" that's for the FCA

Thank you all for all your responses, finally HSBC caculated the interest saved due to overpayment quoting "as per Consumer Credit act of 2004 my benefits of overpayment would be..." but they have quoted a saving somewhere north of what we all worked out ....anyways I will wait for my annaul statement to have the more accurated details.

Regards
Arul