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Van Payment Holiday Extra Interest

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Van Payment Holiday Extra Interest

3 replies 103 views
Hi 
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?

Replies

  • SempleSemple Forumite
    317 posts
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    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
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    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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