Swift Secured Loan

[marshmallow]

I was trying to make sense of our agreement I would scan but scanner is not working. Any way if I just explain of figures on the agreement someone would be ale to see if it is correct or not, I am not the brain of Britain and get confused easily so here goes, if someone could just have a look and give me their opinion i WOULD BE VERY GRATEFUL.

Amount of Credit:- 15,000
Amount of Monthly Repayment:- 238.28
No of repayments: 120 months

Other Financial Information

Interest:- £11,843.60
Broker Fee:- £1300.00
Loan Admin Fee:- 450.00
Total charge for Credit:- £13,593.60
rate of Interest:- 11.79% p.a variable

When I add the interest and actual credit it should come to £25,437,20 but when I Add £238,28 x 120 months it is coming to £28,593.60.
Please can someone tell me if I am wrong

I would be verry very thankful.

regards,



Marshmallow

XXXX
This info is on the Loan Agreement

Please could someone be kind enough to see if this is correct. The reason why I am confused I have a niggly feeling they have included the brooker and admin fee in the loan and therefore incurring charges although not stated at first glance of the agreement.

Kind Regards,

Mashmallow
Are you letting your bank keep your money Are you giving away thousands of pounds??

Many people aren't claiming all of the money they are entitled to when they make their bank charges claims.

You have been forced to pay unfair bank charges.
Have you forgotten that your bank has charged you inteest on those charges?
If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you.
Yet you are paying interest to the bank - on your own money!!! - a nice little earner for your bank.

Follow this link to see the discussions on this.
You might even double the size of your claim.


was trying to make sense of our agreement I would scan but scanner is not working. Any way if I just explain of figures on the agreement someone would be ale to see if it is correct or not, I am not the brain of Britain and get confused easily so here goes, if someone could just have a look and give me their opinion i WOULD BE VERY GRATEFUL.

Amount of Credit:- 15,000
Amount of Monthly Repayment:- 238.28
No of repayments: 120 months

Other Financial Information

Interest:- £11,843.60
Broker Fee:- £1300.00
Loan Admin Fee:- 450.00
Total charge for Credit:- £13,593.60
rate of Interest:- 11.79% p.a variable

This info is on the Loan Agreement

Please could someone be kind enough to see if this is correct.

Kind Regards,

Mashmallow Are you letting your bank keep your money Are you giving away thousands of pounds??

Many people aren't claiming all of the money they are entitled to when they make their bank charges claims.

You have been forced to pay unfair bank charges.
Have you forgotten that your bank has charged you inteest on those charges?
If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you.
Yet you are paying interest to the bank - on your own money!!! - a nice little earner for your bank.

Follow this link to see the discussions on this.
You might even double the size of your claim.

[Amethyst]

Re: Swift Secured Loan

lol copied from CAG per chance ? Darn pop ups.

£15,000 loan plus charge for credit of £13593.60 comes to the same as £238.28 x 120 months - £28,593.60. So yes it is correct.

The Brokers Fee and Loan Admin fee are set out seperately which is correct and yes they should form part of the total charge for credit.

Looks correct to me.

[Amethyst]

Re: Swift Secured Loan

What you want to work out is if the interest £11, 843.60 is correct on the £15,000 at 11.79% PA.

At a glance it seems they haven't included the brokers fee in the loan and arent charging interest on it. If they are charging interest on it and its lumped in with the loan interest thats where it gets a bit complicated and arguable.




worked it out for you on a loan calculator

On 15,000 over 10 years at 11.79% is £10606.73 interest

On 16750 (loan plus brokers fee plus loan admin fee) over 10 years at 11.79 gives £11844.18 interest

so yes you are paying interest on the brokers fee and loan admin fee.

[marshmallow]

Re: Swift Secured Loan

Thank you very much for replying I thought we was. What can I do now because I thought this was not correct for a company to do this?

Thanks

[Amethyst]

Re: Swift Secured Loan

Its all stated in total charge for credit.

If the brokers fee was hidden in the loan amount or the interest and brokers fee werent seperated then yes it would def be unenforcable but they are split and in the right places (ie amount of credit and total charge for credit)

I'm not sure on the interest on brokers fee not being seperated from the total interest part but am finding out.

[marshmallow]

Re: Swift Secured Loan

Thank you so much I will await your reply.


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