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Hi,
I borrowed 7.5k last month from HFC bank. This is over 60 months with interest of 5k. So 12.5k is repayable (210 p/month).
I needed the money in a rush but i am now in a position to repay this loan in full. I called HFC to see how much i needed to send to them to clear it and the girl informed me i had to send over 12k. even though i only borrowed 7.5k.
Could someone confirm to me if this is correct. I believe the interest is calculated as "rule of 78". I expected i may have to pay an amount in excess of the principal but not the full interest payable over the course of the loan!
Thanks
Thanks for the reply. I'm just in work at the min so when i get home i'll have a look and let you know.
Cheers
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