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My OH and I took out a bank loan about 7/8 years ago however, due to unforeseen circumstances we were unable to maintain the payments and come to an agreement with the bank to reduce the monthly payments this arrangement was made around 5 years ago I think.
Stupidly, Ive never taken much notice of the statements when they come through, payments are never missed and I was assuming that these payments are making a dent in the debt - how wrong.
We've just received the latest statement, payments of £720.00 per annum received however then we are charged £616.23 outstanding interest - I could cry!
Is there anything that can be done about this intestest charge? Just doing a quick calculation indicates without this the loan would almost be repaid including the interest originally added at the start so they are getting it twice!
I have also written to the Bank asking them to clarify the loan details .
Many thanks in advance
Stupidly, Ive never taken much notice of the statements when they come through, payments are never missed and I was assuming that these payments are making a dent in the debt - how wrong.
We've just received the latest statement, payments of £720.00 per annum received however then we are charged £616.23 outstanding interest - I could cry!
Is there anything that can be done about this intestest charge? Just doing a quick calculation indicates without this the loan would almost be repaid including the interest originally added at the start so they are getting it twice!
I have also written to the Bank asking them to clarify the loan details .
Many thanks in advance
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