Are banks legally required to provide a settlement figure in writing if requested?

antrobus

sourcrates wrote: »

Section 97 CCA is legislation covering the provision of statements, nothing whatsoever to do with loan settlement figures.

...

Really?

Funny that it comes under the heading 'Early payment by debtor'.:)
https://www.legislation.gov.uk/ukpga/1974/39/part/VII/crossheading/early-payment-by-debtor

And that there is a s77 Statements to be provided in relation to fixed-sum credit agreements
https://www.legislation.gov.uk/ukpga/1974/39/section/77A

redux

From what I've seen here, some banks charge about a month's interest as an early settlement fee, and a suggested way to reduce this is pay back most of the loan leaving a month or two's payments, then get a settlement on this.

You might do something similar, making an approximation, perhaps just below the last statement balance, then a balancing amount in the last month.

Gaz83

TBagpuss wrote: »

That's not difficult to address, though.

They can issue a statement which says "settlement figure is £9,999 on 10th October, interest will accrue at a daily rate of £2.50" - or whatever the numbers are. It's what you see on mortgage redemption statements.

I would suggest that you look at your loan agreement.

You can also ask them to provide a letter which explicitly states the date on which is is valid, and you can then work out the interest yourself.

Interest doesn't accumulate a fixed rate every day. It accumulates at a percentage of the outstanding balance.

Given the level of innumeracy in the country (you only have to look at this forum to see evidence of loads of folk who can't do basic arithmetic) I think that would cause more trouble than it's worth.

Herzlos

Gaz83 wrote: »

Interest doesn't accumulate a fixed rate every day. It accumulates at a percentage of the outstanding balance.

Given the level of innumeracy in the country (you only have to look at this forum to see evidence of loads of folk who can't do basic arithmetic) I think that would cause more trouble than it's worth.

It should be accurate enough for what the OP is trying to do. Assuming there have been no payments since, then the daily interest figure will be changing by a tiny amount.

TrickyDicky101

Gaz83 wrote: »

Interest doesn't accumulate a fixed rate every day.

It effectively does between payment dates where there have been no capital repayments or charges added.

ChrisK....._3

All they can provide is a statement reflecting the balance on the day it was generated and not the day you want to pay for it. Any other thing you could always do is pay what you THINK you owe them and that would stop this bill running away with you, if you overpay the give you a bit back