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55 not 48 month repayment
Stevenblue82
Posts: 1 Newbie
in Loans
Hi
Can anybody help?
I took out a loan of £5000 over 48 months in Jan 13 and made my first repayment was on 1st March 2013. During the loan I have not missed a single repayment, however I have changed the date within the month on which I re-payed a few times. The loan company are saying that because I did this the interest has increased and now I need to pay back until Sep 17! The final payment should be due 1st Feb. I am being asked to pay over £1,500 more for simple shifting the date. Can they do this bearing in mind not one payment has been missed?
Thank you
Steven
Can anybody help?
I took out a loan of £5000 over 48 months in Jan 13 and made my first repayment was on 1st March 2013. During the loan I have not missed a single repayment, however I have changed the date within the month on which I re-payed a few times. The loan company are saying that because I did this the interest has increased and now I need to pay back until Sep 17! The final payment should be due 1st Feb. I am being asked to pay over £1,500 more for simple shifting the date. Can they do this bearing in mind not one payment has been missed?
Thank you
Steven
0
Comments
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Depending on when and how often you changed payments, yes.0
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The interest charged is higher in the earlier days of the loan and pushing the repayments back can have a huge impact as interest is charged daily. Have you not had a yearly statement ?0
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What was the APR of the loan? As interest is calculated daily, a changing of date would mean that more days' interest would be getting added on to the balance."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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You deferred the first payment by 2 months already....how many times have you changed the date and how many days have you had for "free"....they will want to get their daily interest back so expect the end date to be pushed back a few months.0
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Unless the loan is at an exceptionally high rate, or you've missed multiple payments, sonpmethinf is amiss.
I'm guessing it's a 54 month term initially. What does your copy of the agreement say?0
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