AA LOAN (BANK OF IRELAND

amck75

Hi, i took out a £10000 loan over 84 months with AA in 2022, the monthly repayment was £168.03. Ive made 21 payments so far totalling £3528.63. I've been given a settlement figure of £10417 which is more than I borrowed, so basically every paymemt I've made so far has been 100% interest. I know that you pay more to the interest at the start of a loan but surely not the entire amount! How can  they get away with this!!!!

Phoenix72

Are you sure that is a settlement figure and not your current balance - looks pretty close to total amount repayable minus what you have already paid, which is not an early settlement figure.

This might have been better on the loans board.

amck75

Phoenix72 said:

Are you sure that is a settlement figure and not your current balance - looks pretty close to total amount repayable minus what you have already paid, which is not an early settlement figure.

This might have been better on the loans board.

Thanks Phoenix, i have moved it over to the loans section.