V12 Retail Finance early settlement

tomtheticc

Hi, wondering if anyone could shed light on some figures I have from V12 Finance.

I took a 48 month plan out in 2015 for the amount of £449.59, at %17.61 APR and monthly repayments of £19.65. Change in circumstance meant I missed the interest free settlement period so it has been chipping away now monthly.

I've made 26 payments, 22 remaining. I am looking to pay it off early in one go.
V12 say that the early settlement figure would be £348.66

Is this correct? Assuming that there has only been 2 years of interest applied, surely the total loan amount would be around £630 at this point. I've already paid £510.90 in total payments.

Any light shed appreciated.

TriathNanEilean

Something doesn't add up after I put those figures into two of the free calculators available online. Say we take the total amount, the 48 month term and the interest rate you state. That produces a monthly repayment of only £13.12.

Either they are wrong or, perhaps more likely, there was an arrangment fee or early settlement charges or a penalty clause for missing payments or .. can you think of anything?

[Deleted User]

Look at your credit agreement. All the info you need will be on there.