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Loan settlement figure
I took a loan out 18 months ago for £15450 with hsbc for 60 months (no ppi)
I've made 17 payments of £337
Just phoned up to get a settlement figure and the figure is £12441.44
Over the last 17 months payments total £5729
which means the total amount of the loan paid off is only £3009 so i've paid over £2k interest in17 months!!!
Does this seem right??
Thanks Karl
I've made 17 payments of £337
Just phoned up to get a settlement figure and the figure is £12441.44
Over the last 17 months payments total £5729
which means the total amount of the loan paid off is only £3009 so i've paid over £2k interest in17 months!!!
Does this seem right??
Thanks Karl
0
Comments
-
Assuming your APR is around 12-13%? then yes it is roughly correct.
In the first month you owed 15450 so the interest was approximately
15450 x 12%/12 = 154.50 of your 337 payment
so in the second month you owed 15450 - 337 + 154 = 15267
so interest was 15267 x 12%/12 = 152.67 of your 337 payment
when you do the sums for 17 months then yes you are paying over 2,000 in interest
what were you expecting?0
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