Sainsburys Bank

DAM17

Hi we are at our wits end with Sainsburys bank. For the last 2 months we have been trying to obtain a settlement figure from them. Because our loan was pre December 2017 it is on their legacy system. We have put a complaint in to Chief Executive office and 2 weeks down the line no further forward. We need a settlement figure this week to arrange a remortgage. We borrowed £14000 over 84 months at £228.07 per month. We took a 3 month payment holiday across March, April & May. We have made 32 payments and no missed payments except payment holiday. Has anyone else had the same situation or can advise on what to do. Do the FCA know about Sainbury's current situation? Does anyone have an idea on how to calculate the settlement figure?  Please help. Thank you in advance.

[Deleted User]

A repayment calculator will give you a fairly decent idea.  Here's an example of one.

https://www.theguardian.com/money/interactive/2013/oct/09/loan-repayment-calculator-overpaying-save-money

It seems your loan is around 9.4% and you still owe around £10k.  There will be two months interest on top of that for early settlement.

Don't worry about whether the FCA know or not.  Just escalate the complaint, but through the proper complaints channel, not to the CEO office.

[Deleted User]

I'm not sure a settlement figure "this week" will help a remortgage, lenders are tightening up in a way not seen for 12 years.