Loan settlement figure query

Debbing1980

Help please as I’m baffled!

I got a settlement figure for a loan in June, I’ve just phoned to settle the loan today and the figure they’ve given me is more than it was in June, despite me having made 2 or 3 loan payments in the meantime? I haven’t paid it as I’m not sure it’s correct??

DrEskimo

Whats the full details of the loan?

Amount/APR/Monthly/Term

foxy-stoat

Was the settlement figure in June given to you in writing, if so quote them that and get them to recalculate it.

Debbing1980

Thanks for quick replies, yes I’ve got it in writing and quoted it to them but the say they calculated again and it was correct.

Loan amount was £24000 for 99 months at 5.4612%apr. Settlement figure on 24 June was £16460.57, I pay £311.95 per month and now they say the settlement is £17,046.61. Just can’t understand how it’s gone up £600 when I’ve made payments of at least that amount?

ndf9876

Debbing1980 wrote: »

Thanks for quick replies, yes I’ve got it in writing and quoted it to them but the say they calculated again and it was correct.

Loan amount was £24000 for 99 months at 5.4612%apr. Settlement figure on 24 June was £16460.57, I pay £311.95 per month and now they say the settlement is £17,046.61. Just can’t understand how it’s gone up £600 when I’ve made payments of at least that amount?

What was their explanation for the higher figure?

Debbing1980

Something about thinking about it as two separate pots, I didn’t understand what she was saying so I’ve asked for it in writing

DrEskimo

Debbing1980 wrote: »

Thanks for quick replies, yes I’ve got it in writing and quoted it to them but the say they calculated again and it was correct.

Loan amount was £24000 for 99 months at 5.4612%apr. Settlement figure on 24 June was £16460.57, I pay £311.95 per month and now they say the settlement is £17,046.61. Just can’t understand how it’s gone up £600 when I’ve made payments of at least that amount?

Well either the settlement in June was incorrect, or the settlement now is incorrect.

Ask them which one it was, as it doesn't make sense for the settlement to increase with the figures you've given.