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Hoping someone can clarify this for me.*
A year ago, I took out a Fixed Sum Loan Agreement for a dining room table and chairs costing £1,500.* From the first to last payment was just under a year because I was sure the store said I wouldn't pay interest if it was paid in full within the year.*
However, the finance company tell me the interest is front loaded.* By paying it off within the year, I just avoid any more charges on top of the £302 I have now paid on top of the £1,500 cost!* *The term of the agreement was 48 months.* Can someone please explain how this can be right??!*
A year ago, I took out a Fixed Sum Loan Agreement for a dining room table and chairs costing £1,500.* From the first to last payment was just under a year because I was sure the store said I wouldn't pay interest if it was paid in full within the year.*
However, the finance company tell me the interest is front loaded.* By paying it off within the year, I just avoid any more charges on top of the £302 I have now paid on top of the £1,500 cost!* *The term of the agreement was 48 months.* Can someone please explain how this can be right??!*
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