Hi all
I wondering if anyone can shed some light on a question I have regarding loans.
I had 2 loans, with Nationwide, one for my collage course, the other for my car, I wanted to combine them, pay less each month, but then be able to save more money, and then pay a new loan off early.
So I took out a new loan with my Bank, Lloyds, for the total amount of the 2 loans I already had, with the total being what was shown on my accounts through internet banking.
The interest has always been high with Lloyds for some reason, so this was only a temporary loan, I had to wait 30/40 days after I had paid off the first loans to get another, so had to pay a loan repayment on the new loan, once I was eligible to get a new loan from Nationwide, I did so, and took out the amount required to cover the new Lloyds loan, reason being is Nationwide offer me a much much better interest rate than lloyds.
But, when I went to pay off lloyds, I was charged around £200 more on top of the current balance on the loan, my statement shows the starting amount, my first payment, then interest added on, which is what I was expecting to pay, the same as what I did with Nationwide, and I spoke to them and they said that is how it worked, and there was nothing else to pay, so is Lloyds just pulling a fast one? I ended up paying more than the original loan, to pay it off, even after a payment on the account, and that seems wrong to me?
Does anyone know more about this sort of thing?
Cheers
I wondering if anyone can shed some light on a question I have regarding loans.
I had 2 loans, with Nationwide, one for my collage course, the other for my car, I wanted to combine them, pay less each month, but then be able to save more money, and then pay a new loan off early.
So I took out a new loan with my Bank, Lloyds, for the total amount of the 2 loans I already had, with the total being what was shown on my accounts through internet banking.
The interest has always been high with Lloyds for some reason, so this was only a temporary loan, I had to wait 30/40 days after I had paid off the first loans to get another, so had to pay a loan repayment on the new loan, once I was eligible to get a new loan from Nationwide, I did so, and took out the amount required to cover the new Lloyds loan, reason being is Nationwide offer me a much much better interest rate than lloyds.
But, when I went to pay off lloyds, I was charged around £200 more on top of the current balance on the loan, my statement shows the starting amount, my first payment, then interest added on, which is what I was expecting to pay, the same as what I did with Nationwide, and I spoke to them and they said that is how it worked, and there was nothing else to pay, so is Lloyds just pulling a fast one? I ended up paying more than the original loan, to pay it off, even after a payment on the account, and that seems wrong to me?
Does anyone know more about this sort of thing?
Cheers
.
