Am I right?

Michellexx

Hi everyone, my dad had a bank loan in Feb 2011 to be paid back over 60 months, his first payment was on the 1st April '11. He's just had a letter saying he still owes over £500 but I think his last payment should of been the 1st march '16, am I right? If I am why would they say he still owes the £500? (payments have never been missed, direct debit)..just want to make sure I've worked it out properly before telling my dad to ring the bank...thanks in advance

foxy-stoat

His last scheduled payment would of been 1st March 2016 - so get him to check through his bank statements for the last 5 years to double check that there has been a payment every month before he wastes time and calls the bank.

Michellexx

foxy-stoat wrote: »

His last scheduled payment would of been 1st March 2016 - so get him to check through his bank statements for the last 5 years to double check that there has been a payment every month before he wastes time and calls the bank.

I thought so, I'll get him to check. Thank you.

PeacefulWaters

Some loans allow "no repayments for three months" at the start.

jonesMUFCforever

PeacefulWaters might have a valid point about a buy now pay later loan.

What is the monthly repayments - has he asked at any time for a repayment holiday which could be another reason why he still owes more than you thought.

Gaz83

Michellexx wrote: »

I think his last payment should of been the 1st march '16, am I right?

No, you're not right. It's "should have", not "should of".

dyalan

Ring the bank maybe something went wrong in their calculations.
Yes you are right because the sixty months are over therefore the last repayment should be late March.

TadleyBaggie

There is sometimes a final fee to pay, but it's unlikely to be £500.

PeacefulWaters

dyalan wrote: »

Ring the bank maybe something went wrong in their calculations.
Yes you are right because the sixty months are over therefore the last repayment should be late March.

Surely that depends upon when the first repayment was.