Loan settlement figure

kada1980

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

CLAPTON

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?