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Hi. I had taken a loan of £7500 against my home in march 2013.
Loan period is 48 months . Monthly instalments is £288.53 for 47 months & £288.29 last month.
The agreement shows
Rate of interest as 26.82%
APR 40.06%(variable )
set up fee £600
acceptance fee £750
total payable £13849.20
I have asked to settle this month & I am given
outstanding balance £6924.48
early settlement rebate of interest £1320.16(based on Consumer credit early settlements regulation 2004 ) it says
amount payable in settlement £5604.32
Is the amount payable and early settlement deducted right?
I don't know the consumer credit act 1974 (pursuant to section 97)
The rebate interest they have said is calculated on consumer credit act 2004 (early settlements ) is less than what I would have expected
I have used online early repayment calculators that give a different amount .
I want to the know what the accurate legal settlement figure I should expect to pay is ?
I am not convinced that their figure they have explained based on an Act is right?