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Re: Nat West, Loan recall
As I understood the letter, I may be wrong, what they are wanting repayment in full of by December 2008 are the arrears to fetch payments back into line. I do not think they meant that the whole balance had to be repaid by December 2008. I would double check this with CMS so you are sure.
Once the arrears are cleared and the account brought back up to date I assume they would continue asking for the £793/ month payments. You need to check this again with CMS.
As for your repayment calculations her monthly payments are £793/month x 180months this gives a total repayable of £142,740.
The original loan was £88,500 therefore the interest added to the loan is £54,240.
If, as I mentioned in my previous post, she would have had the "YES" box ticked, her monthly repayment figure would have been higher, but the total repayable (added interest) may have been considerably less.
She will probably have been given either option at the time of taking the loan and have plumped for the lower monthly repayments.
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We have a facility called Drafts installed on the forum, if you begin to make a post then have to go away and finish later, if you return to the same thread (ie this one) and press new post/reply it should automatically load the text you were writing before. If this is not working for you please let me know and I will investigate.
As I understood the letter, I may be wrong, what they are wanting repayment in full of by December 2008 are the arrears to fetch payments back into line. I do not think they meant that the whole balance had to be repaid by December 2008. I would double check this with CMS so you are sure.
Once the arrears are cleared and the account brought back up to date I assume they would continue asking for the £793/ month payments. You need to check this again with CMS.
As for your repayment calculations her monthly payments are £793/month x 180months this gives a total repayable of £142,740.
The original loan was £88,500 therefore the interest added to the loan is £54,240.
If, as I mentioned in my previous post, she would have had the "YES" box ticked, her monthly repayment figure would have been higher, but the total repayable (added interest) may have been considerably less.
She will probably have been given either option at the time of taking the loan and have plumped for the lower monthly repayments.
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One quickie, whilst I have been writing these threads, more than once I have lost what I was writing, I cannot see where I can "save" whilst writing, I thought I had seen somewhere, where I could retrieve up to where I had got to, if lost.
:champagne:
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