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advantage finance and a question


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Hi guys .

 

I purchased a car and the finance was provided from advantage.

 

the finance amount was for 7k.

 

I recently received a statement and this is where my question has come from , I am paying ridiculous payments at present but this is due to a poor credit history . All sorted now and im building it back up nicely .

 

the finance was over 48 months

there were some additional fees as well

£175 option fee last

£325 acceptance fee.

 

the interest rate applicable as it says on my statement is 21.00% per annum (fixed)

I pay £275.11 per month.

 

I have used various online calculators and they all suggest my payment should be around £210 is per month.

 

Now a friend who financed a car recently there figures were finance of around £7500 and an interest rate of around 22% and there paying about 225 per month .

 

so my question is am I missing something and the amount is correct ? If its wrong is there anything I can do im about 18 months in ?

 

any help would be great

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Scan up the agreement read upload

 

However adv don't often wrong

But they do charge unnecessary fees and insurances

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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You have given enough information in your post to work out the repayment manually.

 

21% fixed interest per annum over 4 years equals 84% interest altogether.

 

7000 X 84% = £5880.

 

So, the total amount payable is 7000 + 5880 + 325(fee) = £13205 / 48 = 275.10416

 

I assume the £175 fee is payable at the end and not part of the normal monthly payment.

 

Seems correct to me.

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