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Loan balance higher that when I took it out!
Beach_Baby
Posts: 3 Newbie
in Loans
Hi all, apologies if this has been covered elsewhere. I have just received my first yearly statement for a Sainsburys loan that I took out last April for £8,500. The statement shows the opening balance as £9604.80! Am I being thick? I'm totally confused, can anyone advise please why the opening balance is more than a thousand pounds more than the amount I requested?
Thanking you all in advance
Thanking you all in advance
0
Comments
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Interest, its showing the total amount to be repaid, if you paid it off now that amount would be less0
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HAve you been paying it off?Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £55,819
Cc debt free.0 -
When you applied for the loan, they advised you that you would be paying interest at X% over the term of the loan and that the total amount to be repaid would be the cash advance bit plus that chunk of interest.
Every time you pay something off the loan, it is deducted off the total owed (including the interest). It's all standard stuff.174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 20200
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