Sainsbury’s bank cannot provide a settlement figure

hayleywong58

Hi everyone, I’m new to the forum and so this is my first post! Thanks in advance for anyone who can advise! I have a loan with Sainsbury’s and I recently had a payment holiday. I have now called them to ask for a settlement figure but they’ve explained they can’t provide one as they don’t know how to calculate the figure because I had the holiday. It’s been 3 weeks now since I initially asked and several follow up calls later they’re still no closer to providing a figure. My payment is now due Monday. Has anybody else had this issue or can advise me if this is normal procedure? I’ve had other loans too that I’ve also settled in the past 3 weeks with no issues at all calculating the figure after the holiday? Thanks  

[Deleted User]

You can make an approximate calculation yourself if you know your current balance, by adding two months interest.

jonesMUFCforever

What I would do is pay what ever balance is showing as outstanding - but not cancel the direct debit.
As the interest is calculated daily and entered monthly there should not be any additional added due to your payment holiday.
Any residual interest will be taken by the next direct debit (probably they will take the whole  monthly payment but will refund you any surplus paid) - by doing this you may get round the early settlement fee.

Thrugelmir

Some systems aren't geared to cope with payment holidays. There's probably a backlog of manual processing going on in the background to bring account balances up to date.