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Northern Rock unsecured loan


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Hi folks

 

I have a loan with Northern Rock that I am plowing a lot of extra money into.

 

Today I have been given a settlement figure that seems to be way over what it should be and I can not make out why.

 

Speaking to a manager at Northern Rock he told me that my loan had been front loaded with interest when I took it out.

 

I can not think for the life of me why the settlements figures are like they are.

 

As an aside. I downloaded a spreadsheet that has been pretty been on the nail for settlement figures. This year they have started drifting from the spreadsheet. Today's was the last straw. It was around £170 more than predicted! Before, the spreadsheet was predicting figures above theirs and now it has been reversed.

 

Am I being screwed? Do I have any comeback on this?

 

All they said was "read the terms and conditions".

 

Any ideas?

 

Basics of loan are:

 

£20000 borrowed over 10 years starting in 2004

No PPI

APR 7.94%

 

Here's a link to my loan calculator: http://www.hey4q2.demon.co.uk/NorthernRock.xls

 

Thanks

 

Jools

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Have you got a copy of the terms and condiitions they say you must refer to ?. If not, then request a copy.

 

Also ask them to supply you with the breakdown of their figures.

 

I imagine you will be able to make a complaint to the FOS if Northern Rock dont co-operate.

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi there

 

I have the Terms and Conditions.

 

Apart from stating what the interest is, there is nothing else about it.

 

With regards to a settlement figure they state "If the outstanding balance of the Total Amount Payable is repaid early you may be entitled to a rebate of charges. Details are available from NR.

 

I reckon that they are screwing me big time. I have plowed loads of money in this year.

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