black horse finance

[cavvy]

hi all

 

i wonder if anyone can help me

 

i have a finance agreement with black horse which i took out in feb 2005

the initial loan was £10500 with monthly repayments of £188 for 120 months with a monthly apr of 1.49%

 

the total charge in interest i will pay is enormous so ive managed to save and want to pay it off the only thing that worries me is on the back of the form it states that if i want to make early repayment i have to pay

 

"the aggregate of

the balance outstanding,and

the total interest that would have fallen due if you had continued to pay the monthly repayments less any statutory rebate"

 

 

please dont tell me this means i have to pay all the interest that would have been charged?

 

i believe the current balance according to my credit report is £8500

 

any help or advice most welcome

 

thanks

[cavvy]

not sure if i have put this in the right section or not

[postggj]

The Best Way To Find Out Is Telephone Black Horse

 

Ask Them To Send You A Settlement Figure

That Will Give You 28 Days To Decide

 

Black Horse Is Lloyds

Not The Usual Loan Shark Outfit

Very Surprised If This Is The Case Ref The Interest

[loobyloo85]

Hi, Black Horse, and any creditor will charge for paying the debt off in full early. If you contact Black Horse and ask them for a settlement figure, this is the amount that you will have to pay. The settlement figure is usually a lot lower than the balance, so you should be fine.