Disclosure of interest

[dave882]

I obtained a loan with the Bank of Scotland to cover a number of debts. Unbeknown to me the bank front loaded my loan and thanks to advice from this site I have resolved this matter and the bank have paid me £50.00 for the lack of replies to my enquiries.

 

I now wish to transfer the loan to a lender I used previously and have asked the Bank of Scotland for a settlement figure and a breakdown of my capital and interest payments. My previous lender would forward quarterly statements including monthly payments broken down into repayment, interest and remaining debt.

 

I.e. it may state payment £100, capital £80, interest £20, remaining £3000.

followed by payment £100, capital £82, interest £18, remaining £2900, and so on.

 

I have asked the Bank of Scotland to provide me with such a breakdown for my payments but they have replied "we cannot provide the details on a month to month basis due to the volume of information involved" despite me asking on two occassions by letter.

 

Can I demand that the bank provide me with this information or can they refuse? The settlement figure appears to show that I have paid little from the capital of my loan and paid a huge portion of the interest. I know that the initial payments do cover the larger portion of interest that final payments but despite paying £134 a month my debt for two years on a five year loan has decreased from £6500 to just under £5300.

 

With thanks

 

Dave

[MARTIN3030]

Will move your thread Dave hopefully someone can answer-but I would say yes you are entitled to be given what you are asking for.