Can someone help me find a loan calculator? HSBC repayments not clear.
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Written on: 23.11.2009 [14:03]
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Kelly
Kelly
Topic creator
Posts: 3
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I took out a personal loan a few years ago now, and I have made 23 out of the 60month payments needed to clear my loan. I have recently come in to a little money and would like to pay off the outstanding amount which is approximately £7,000 minus interest. But I don’t understand how when I went in branch and asked about repaying early the loan calculator HSBC used showed that I need to pay around £7,800. I mean I understand I need to pay a fee but this is only 250.... where did the extra money come from? Am I missing something? Why would there be such a difference? |
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Written on: 29.11.2009 [03:36]
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lana
Lana
Posts: 3
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You need to check the small print. You say that you still owe around 7k minus interest. Well how did you calculate this? The interest on a loan varies throughout the term of your loan and thus most people think they pay the same amount of interest throughout the 60 months but this is not true. The first year or so you may have paid a lot more in interest thus meaning that less interest is needed from the final monthly instalment and you probably owe more than you thought. I’D go back to HSBC and ask to speak to someone to explain your options, usually I find HSBC to be very helpful and they usually try and find the best option for you so just explain to them and hopefully they solve something for you. |
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