bankers are *ankers

[davidh]

what a shower of *ickheads bankers are
i have a loan with them that i want to finish
and they want to put money on top because of them losing interest?????????
i showed them
saying if i borrow £1000 off you and you charge £200
interest
so meaning i now owe you £1200 they said yes
and this is to be paid over 24 mths
which equals £50 per month
they said yes
so then i said if i have paid 12 mths
that means i now owe u £600
they said no ????
the interest u pay at the start is more than you pay at the end
i said so what
if i pay you now £600 that means i have paid the same they said no

can you work it out


really by my working out they owe me money

 

[FUBAR69]

Been through this before with them, they eventually said they would give in to the interest charges, then hit me with a feckin huge admin fee !! :arrrr:

It is like talking to a brick wall, good luck chum

 

[stevemac40]

If that's the case then why would you want to pay the loan of early. Put your £600 in a bank account and just pay it off £50 a month, whilst earning interest on your £600 and improving your credit file.

 

[davidh]

cos i dont want to and i dont like getting ripped off i like telling them what twats they r
and also telling them
ok u have me here is ur extra money but guess what u wont be getting anymore from me cos i will go else where
so my thoughts are fook them

my credit rating is very very good at them moment
one of the top 10% in the country
lol

 

[c9679]

They usually have a final settlement figure they can give to you if you want to pay it off early, however with short term loans they may have an early payment penalty... Shocking really but some do actually charge you extra for paying back early

 

[english]

i'd keep paying 50 a month as this 50 will be worth a lot less to them in 5/6 months time compared to wot u are proposing to pay off right now. the value of the pound it seems constantly deteriorates

 

[CAROLANN]

what a shower of *ickheads bankers are
i have a loan with them that i want to finish
and they want to put money on top because of them losing interest?????????
i showed them
saying if i borrow £1000 off you and you charge £200
interest
so meaning i now owe you £1200 they said yes
and this is to be paid over 24 mths
which equals £50 per month
they said yes
so then i said if i have paid 12 mths
that means i now owe u £600
they said no ????
the interest u pay at the start is more than you pay at the end
i said so what
if i pay you now £600 that means i have paid the same they said no

can you work it out


really by my working out they owe me money

it must be a hire purchase loan or summit like that you have and thats how it works as you described, if it was a standard loan then its a set figure you pay back and it stays that way, but hire purchase etc is different, you pay the interest first then the loan, so to speak.

 

[karym6]

it must be a hire purchase loan or summit like that you have and thats how it works as you described, if it was a standard loan then its a set figure you pay back and it stays that way, but hire purchase etc is different, you pay the interest first then the loan, so to speak.

you will find that the majority of loans all work in a similar way, its one of the many ways that banks make money.

Hire purchase agreements dont see you pay the interest on the loan first - it hasnt had time to accrue yet. You pay interest with each payment you make. If you paid all the interest up front, then the seller would be potentially loosing out...

 

[mozr]

ERF= early repayment figure

They are rife in the industry; they all do it.

Unless you negotiate a loan where you could repay early, or pay more a month to shorten the term you are screwed.

Ive been down this road a lot of times.

I do know that there are some people who are claiming ERF's back, but I think that is mortgage only.

See this

Might be one to chalk up to experience and move on.

The best revenge is to live well.

 

[hatab]

i understand how a loan works how the payments are structured so you pay the same amount each month but the capital re-payment increases and the interest decreases.

but like davidh i dont understand if you go to the lender and say i borrowed £1000 + £200 interest ive payed £600 over 12 months and have £600 left to pay, instead of paying over 12 months i want to pay a 1 off £600, what is the difference ?

they are making the same money only they have it back quicker !!

 

[mozr]

You're right. It is strange.

Even with an ERF the total repayable should not be more than the £1200 (1000 loan + 200 interest over the course of the term).

Have you paid £600 up to now?

So I would ring back and ask for an exact ERF, and if its more then you have to question them regarding this.

If its the same or less, pay it, becasue it sounds like you have signed an agreement to pay £200 interest with no recourse to pay early.

 

[c9679]

but like davidh i dont understand if you go to the lender and say i borrowed £1000 + £200 interest ive payed £600 over 12 months and have £600 left to pay, instead of paying over 12 months i want to pay a 1 off £600, what is the difference ?

they are making the same money only they have it back quicker !!

Its simple, they know in that 12 months they could potentially make even more you could miss a payment and they can charge you even more