How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

My husband and I took out a loan in 2011, we are now in a position

Resolved Question:

My husband and I took out a loan in 2011, we are now in a position to pay the rest of the loan off.We asked for a redemption Figure. They came up with 22,631.75. Bearing in mind we borrowed 22,945.00.we have paid 14,541.30 a day 5,772.95 interest. We were shocked at the redemption figure .we thought it would have gone down . Beverly langley
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello Beverly my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know what the interest rate and length of loan is please?

Customer:

Term 240 month flat rate 11.90%

Alex Watts :

So 20 years?

Alex Watts :

I have worked out using http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

Alex Watts :

This is just a basic calculator

Alex Watts :

This works the debt after 3 years to be remaining at: £21,934 and 4 years at: £21,509

Alex Watts :

So to be honest that figure is not a million miles out.

Alex Watts :

Sadly in the first 10 years or so most of what you are paying is interest.

Alex Watts :

Ask them to revisit it and also supply a breakdown.

Alex Watts :

Then you can see what it comes to and how

Alex Watts :

I am sorry if this is not necessarily the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Ash and other Law Specialists are ready to help you