We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Sainsbury’s Loan
Options
SparkyMark123
Posts: 94 Forumite
in Loans
Morning All
Currently have a loan with Sainsbury’s called up today to ask for a settlement and was quoted a figure of £4259. However the advisor stated this included 58 days additional interest. My question
A- does this mean by balance is lower and if I were to pay almost the full amount minus the 58 days interest and then allow the last payment to come out by dd would I save this amount
2- how do I work out ho much 58 days interest is
APR is 14.9%
Loan taken out April/ May 2016
Repayment £150.25
Term 60 months
Amount £7500
Many thanks in advance
Currently have a loan with Sainsbury’s called up today to ask for a settlement and was quoted a figure of £4259. However the advisor stated this included 58 days additional interest. My question
A- does this mean by balance is lower and if I were to pay almost the full amount minus the 58 days interest and then allow the last payment to come out by dd would I save this amount
2- how do I work out ho much 58 days interest is
APR is 14.9%
Loan taken out April/ May 2016
Repayment £150.25
Term 60 months
Amount £7500
Many thanks in advance
0
Comments
-
1. Normally, yes.
2. Calculate the daily rate and apply that over the 58 days. Or as a rough estimate, calculate a couple of months interest - ie 2 and a bit % of current balance.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards