Settlement figure

rach83

Hi

I took out a loan last September with Nationwide for £8000 no PPI. The APR is 6.7% and I pay £156.54 a month. Can anyone work out what the settlement figure on this would be roughly?

Thanks

Robert_Sterling_3

How rough do you want it?

By first bid £7150

mrcow

After July's payment, I reckon £6726.

Before July's payment, about £6845.

Mind you, I basing that on the principle that September was your first payment.

If October was your first payment, then I reckon about:

£6963 before July's payment & £6845 after July's payment.

My figures seem quite far from the £7150 as above........let us know what Nationwide say! (You have to call them now that we've worked this out to check!)

BenL

If you google search on "rule of 78" there is a calculator from a college/uni in America that will work it out for you.

It never worked it out bang on for me but its pretty close.

Ben

oh_no_5

I've got a loan with Nationwide.I phoned them for a settlement figure and after the usual security questions they gave me the figure over the phone.They also followed up witha written statement a couple of days later.Pretty good service I thought.

Robert_Sterling_3

BenL wrote:

If you google search on "rule of 78" there is a calculator from a college/uni in America that will work it out for you.
It never worked it out bang on for me but its pretty close.
Ben

A lender, in the UK, does not have to use the rule of 78.
A lender must not have a settlement figure higher than you would get if you did use the rule of 78.