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Settlement figure more than borrowed - is this right?


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Hi we have a loan of £10k that we have been paying for the last 3 years and although we pay £350 per month we are only paying £500 off the loan each year as the charges and interest are nearly as much as what we are paying back. Now we may be in a position to settle the loan early but we had a settlement figure sent to us asking for £11000 to pay off the loan. Is this fair, is there anything we can do as I can't believe that we will have to pay so much back.

 

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Did you have Payment Protection (PPI) on it, May be best to ask for a copy of the original agreement

HTH (Hope This Helps) RDM2006

 

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