What happens at end of Yorkshire Bank loan repayment

Legacy_user

I have had a loan with Yorkshire bank for the past couple of years. My monthly payments are £210 and I have £441 outstanding.

The loan was taken out in May 2013 for four years.

I was wondering if I will pay it off with a larger final payment in June this year or if I will pay in May, June and then a small payment in July? I went into a Yorkshire Bank branch and rang them up but they were very unhelpful. All they would say is they would give me a redemption figure but couldn't say what my payments would be! I won't be going with them again!

I can't see anything in my T&Cs to confirm what happens so I wondered if any YB customers on here had an idea?

bengalknights

You would have payments of £210,£210 and £210 taken then refunded the excess usually

mcpitman

When I finished my loan with YB, they took the standard monthly payments, then a lower final payment.


S0 for your scenario, £210, £210, then £21.


Suggest ringing them again and asking for further clarity, they will have a system they can look at to show you the payment scheme until the loan is paid off.


If you don't get any answers, ask to be transferred to a manager or the complaints department.


Persevere though, they do know the answers to these questions and they do have systems that tell them this data.

Shakin_Steve

Surely the monthly payments should have been set up so as to clear the balance over the loan period? I've had loans that had a few quid left over at the end of the term. It just.........disappeared.....as if by magic.

PeacefulWaters

Shakin_Steve wrote: »

Surely the monthly payments should have been set up so as to clear the balance over the loan period? I've had loans that had a few quid left over at the end of the term. It just.........disappeared.....as if by magic.

Late payment interest and fees.

Maybe.