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Blemain Finance - how to tackle an early settlement?

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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..

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What does the original agreement say about interest? Normally on a secured loan its frontloaded. I find it hard to see how they can say 16k and 14% int is 29k. Thats almost 100%

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..



If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks


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