Confused-How Many Months??

SPANIEL36

i took out a large loan with Black horse nearly 2 years ago. It was to be repayed over 10 years (120 months) Last month i cancelled the insurance on it as it was no use to me so with that spare cash i'll be over paying and therefor reducing the snowball date.... I have received a letter from them this morning stating my new payment details (without insurance) and it says there are 122 payments left to make. My calculations make this 10 years and 2 months left when i was thinking that it was 8years and 4 months (100 payments)

i cant speak to them until monday as they dont open on saturdays

confusing or what????

jonesMUFCforever

When you took out the insurance was the premium added to your loan.
It looks like that you cancelled the insurance - no refund made - you still owe the original capital amount plus premium.

SPANIEL36

yes the insurance was added to the loan, i tried to claim off the insurance when i went off sick, they said i wasn't covered for it. After speaking to one of the advisors they said i could cancel the insurance if i wanted bringing the amount payable each month down by 40 quid.

looking on the origonal loan document it states minimum duration of this agtreement is 120 months (min if i dont take a payment break in which i haven't). It also says minimum duration of insurance agreement is 120 months but this is cancelled now.

i as so confused

FinancialInsider

Hi,
It's possible it's a mistake on their part. A client of mine had a similar problem and (surprise, surprise) it was also with Black Horse.
There may be some small print regarding a possible credit crunch. I cannot go into much detail now but just to make you aware I would strongly recommend going through the fine print with a microscope.