Car Finance help

[gregh286]

hi guys,
not sure if this in right forum section, but the finance agreement I am taking out is vague.
Its a HP agreement on motor, I had finance problems in past, so high APR.
Total amount of credit is £9800 and interest is £6000 over 5 years, total £15800.

I need a car for new job so unavoidable.
When I start to save again in job, and I want to pay off in full in 12 months, can they enforce the total £15,800.....or will be a sum of around £9800 - (part of 12 months capital repayment)

I know the law changed regarding this that they must give fair settlement values.
I do intend to get out of the HP before end of term, so trying to make sure I am familair with the terms,
Any ideas?
thanks

[R0b]

I'm not exactly sure what you are asking for but in relation to early settlement offers , the remainder of the interest is generally removed to take account of the fact your paying in full earlier than expected.

Early settlement offers only last for a short period of time and then you will need to request a further settlement offer.

[gregh286]

I'm not exactly sure what you are asking for but in relation to early settlement offers , the remainder of the interest is generally removed to take account of the fact your paying in full earlier than expected.

Early settlement offers only last for a short period of time and then you will need to request a further settlement offer.

ok,
Let assume I sign agreement today, £9800 credit, £6000 interest. total amount £15800 over 5 years.
tommorrow I win lottery and want to settle.
Can they force me to pay the £15800 (credit + all interest due during the HP length), or only the amount of credit.(9800)
thanks

[gregh286]

hi guys.
thanks, think this calculator helps me out a lot
https://www.magnitudefinance.com/abo...nt-calculator/