Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
after learning that we can cut our monthly outgoings by moving our small mortgage to be with the same company as our big one we asked for a settlement quote..
we originally borrowed £25.500
we have been told to settle the account we will need to pay them..£26,658.19
we have paid Nemo £245 a month for the past 29 months, totalling £7105.
and they still want £26,658.19
where do we stand, please please help any advice gratefully recieved,
Assuming this is a repayment mortgage over a medium to long term this would not be unexpected at only 29 months in.
I also assume that you have a good payment record with this company.
At the beginning of a loan such as this the interest is alot higher than the capital repayment and as such increases the loan balance for the first few years. As time goes buy you gradually pay more and more of the capital which reduces the interest.
You may have to suffer early repayment penalties you need to check
Suggest you have a look at the original paperwork for this loan and this should be explained.
nemo personal finance, please help...
to be with the same company as our big one we asked for a settlement quote..
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Re: nemo personal finance, please help...
