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  • FIRST POST
    • Bigglad132
    • By Bigglad132 10th Jul 18, 7:32 PM
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    Bigglad132
    Paying off a high interest loan early
    • #1
    • 10th Jul 18, 7:32 PM
    Paying off a high interest loan early 10th Jul 18 at 7:32 PM
    Hello around 7/8 months ago me and my partner took out quite a high interest loan for £2000 due to bad credit. Luckily we are in a position now with fixing our finances are now able to pay it off early. So I requested the papers to find out how much it would be. The letter I got is as follows and can anyone explain to me about the rebate they have mentioned in the letter. So our outstanding balance is £3487.04 Amount of rebate £1544.17 and settlement figure is £1942.87. Would we actually be entitled to that much of a rebate? Thanks.
Page 1
    • Bigglad132
    • By Bigglad132 10th Jul 18, 7:40 PM
    • 5 Posts
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    Bigglad132
    • #2
    • 10th Jul 18, 7:40 PM
    • #2
    • 10th Jul 18, 7:40 PM
    I should add it says on the letter beside the rebate amount !!!8220;if applicable!!!8221; .
    • Codymcmc
    • By Codymcmc 10th Jul 18, 7:51 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    • #3
    • 10th Jul 18, 7:51 PM
    • #3
    • 10th Jul 18, 7:51 PM
    can you post the letter up removing any identifiable parts, who was the loan with, What was the APR.
    • Bigglad132
    • By Bigglad132 10th Jul 18, 8:00 PM
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    Bigglad132
    • #4
    • 10th Jul 18, 8:00 PM
    • #4
    • 10th Jul 18, 8:00 PM
    Canít attach any links or pics due to being a new user to the forums here. The loan was with everyday loans. (Awful I know) the apr was astronomical as well. Iíll have a look see if I can find it not sure of the top of my head.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 8:04 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    • #5
    • 10th Jul 18, 8:04 PM
    • #5
    • 10th Jul 18, 8:04 PM
    Hey im one of a very few that will not judge you on here, not at all.

    What are your current monthly repayments on the 2k and over how long.
    • Gaz83
    • By Gaz83 10th Jul 18, 8:04 PM
    • 3,535 Posts
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    Gaz83
    • #6
    • 10th Jul 18, 8:04 PM
    • #6
    • 10th Jul 18, 8:04 PM
    The rebate doesn't mean you'll have that money refunded, it's just the difference between the interest you will have paid overall and the interest you would have paid had the loan run its course.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • Bigglad132
    • By Bigglad132 10th Jul 18, 8:07 PM
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    Bigglad132
    • #7
    • 10th Jul 18, 8:07 PM
    • #7
    • 10th Jul 18, 8:07 PM
    The loan itself was over 2 years Iím paying £206 per month.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 8:12 PM
    • 32 Posts
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    Codymcmc
    • #8
    • 10th Jul 18, 8:12 PM
    • #8
    • 10th Jul 18, 8:12 PM
    So your total repayable would have been £4944 had it run its course, does that sound right, And you have paid back around £1600 ish so far over the last few months.

    On that basis yeah, they are saying to finish the loan now the total figure you have to pay them is £1942.87
    • Bigglad132
    • By Bigglad132 10th Jul 18, 8:18 PM
    • 5 Posts
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    Bigglad132
    • #9
    • 10th Jul 18, 8:18 PM
    • #9
    • 10th Jul 18, 8:18 PM
    Yeah that sounds spot on. The settlement amount sounds right to me, that!!!8217;s what we expected it to be. I was just curious about the !!!8220;rebate!!!8221; Amount as they!!!8217;ve said it could be £1544, but seems too good to be true. Thanks for your replies.
    • Codymcmc
    • By Codymcmc 10th Jul 18, 8:23 PM
    • 32 Posts
    • 2 Thanks
    Codymcmc
    That £1544 is the interest you will save by settling the loan early, it won't be given back to you.
    • foxy-stoat
    • By foxy-stoat 11th Jul 18, 11:58 AM
    • 2,184 Posts
    • 1,186 Thanks
    foxy-stoat
    108% interest loan - good job you can settle it now before you have paid too much interest - well you have paid £1361 in interest. Hopefully you wont need to take out this type of loan again.
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