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Van Payment Holiday Extra Interest

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Van Payment Holiday Extra Interest

3 replies 103 views
First post so go easy on me!
I have a van financed through PCF Bank and haven't worked for 8 weeks due to the current situation.
I contacted PCF to ask for the payment holiday and was told that it was possible however by doing so I would incur over £600 in extra interest.
The payment is only £422 per month so this seems very high.
I queried this to be told its inline with their terms.
I understand that this would incur some charges but surely this is blatant profiteering?


  • SempleSemple Forumite
    317 posts
    Fifth Anniversary 100 Posts Name Dropper Combo Breaker
    How much is the interest on each monthly payment? And how long was the payment holiday request?

    You should be able to get a breakdown of the interest charges, so you can verify if anything else is added on. 
  • edited 28 May at 8:18AM
    zx81zx81 Forumite
    28.4K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    edited 28 May at 8:18AM
    Its not blatant profiteering. Its blatant maths.

    As the previous post, you can calculate it for yourself, via the amount you are referring over the term.
  • theblindman74theblindman74 Forumite
    2 posts
    First Post
    £98 per month interest. So app £300 spread over the remaining term of 23 months.
    Had an overdue payment land in the bank so will remove my request for payment holiday now.
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