My father in law took out a secured loan£20k loan at 14% interest.
He has paid £16,000 to date and missed 5 installments due to loss of job. (no ppi was taken)
He has since arranged to pay an additional £100 a month to cover the 5 month shortfall.
When I contacted them for an early settlement figure they said it would be £29,000.
This is £9000 more than the original loan and he has paid £16,000.
TBH - I am no expert in maths or credit agreements but this seems extortionate and wanted to understand what the best way of dealing with this would be..