Bank Loan but not as we know it

TrickyDicky101

You would need to quote exact dates when the loan was advanced and preferable when all your repayments made.  Was there a lag between the loan advance date and when the first repayment was made?

Ivorj

Sorry, but you are trying to be too clever, It's the original quote before anything has happened which I believe to be in error !

Ivorj

Maybe but they all come up with exactly the same answer, it's only the Bank that differs. 
I cannot accept the bank calculation is correct, there cannot be any discrepancy, well certainly nowhere near 1%
I thank everybody for their kind responses to date, it is much appreciated.  However, the mystery continues, The correct answer must be out there somewhere or maybe not !   .  

Grumpy_chap

Have you actually taken this loan?

If not, then the option you have is to take the loan (and accept the calculation by the bank) or not take the loan and either not make the purchase that would have been supported by the loan or seek finance elsewhere.

Out of interest, what is that that you are taking a loan at £42k, 15 years, 5.5% for?

Ivorj

It was a historic business loan actually taken out in 2010, but the anomaly  only realised when refinanced in 2018. Now finally all paid off, but nobody  wants to be cheated by a Bank ! The amount is not the issue it's the principle !

SeanG79

Ivorj said:

It was a historic business loan actually taken out in 2010, but the anomaly  only realised when refinanced in 2018. Now finally all paid off, but nobody  wants to be cheated by a Bank ! The amount is not the issue it's the principle !

What were the equal monthly payments?

Ivorj

£344.24      against   £339.91 that I (& Experian for 1)  think it should be !