Loan settlement figure much higher than original amount - surely can’t be right?

Pixie5740

DobiWanKenobi55 said:

Thanks everyone this really helps. It wasn’t a 0% thing and the comments about interest during the year of no payments make sense now I think about it, I basically have been paying off just the interest each month and it’s kind of an overdue bill that’s been added to the overall balance. 

The way I make sense of it in my head is that it’s almost like I’ve had 15 months in total of payment holidays, and the interest for that doesn’t disappear it just gets added to the overall balance.

sucks but I’m chalking this one up to stupidity and experience. Going to just pay it all off. Thanks everyone for the help and I know I couldn’t find this asked before so sure it will help someone else in a similar situation! Thanks! 

Very wise. Pay it off and chalk this one up to experience.