Loan with GE

Q

Querybabe

Registered User
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14
I got a 6000 (over 5 years) loan in july and then I started to pay it off in aug at
135 p/m to start off and then by Oct its 142 p/m (interest hike)

12 something percent to 14% so I borrowed from BOi to pay it off
now they say I owe 5900 something to close it off
would this be right for 4 months loan and since I've made only 4 payments would have though it would be less by at least 300
are they charging me all the interest?
 
I can't really understand your post but you should read the terms & conditions of your loan agreement with them to see what issues/charges may arise on redeeming the loan early.

Update: post crossed with Brendan's.
 
I'll take a stab at answering.

€137 corresponds to 12.5% and €142 to 14.75%

Using Karl Jeacle's mortgage calculator I estimate you should have paid off around €286 and have about €5714 left to repay. The payment break you took in July would increase this a bit but not so that you've still €5900 to repay.

Do they have any exit penalties even though it appears to be a variable rate loan?
 
GeneralZod said:
I'll take a stab at answering.

€137 corresponds to 12.5% and €142 to 14.75%

Using Karl Jeacle's mortgage calculator I estimate you should have paid off around €286 and have about €5714 left to repay. The payment break you took in July would increase this a bit but not so that you've still €5900 to repay.

Do they have any exit penalties even though it appears to be a variable rate loan?
Click to expand...


I got the same answer as GeneralZod.
€135 x 2 = €270 + €142 = €412 paid in installments

Total interest repayable over 60 months - €2518.80. Almost sure there is a 5% charge when repaying early = €126
€412 - €126 = €286 paid of loan = settlement of €5714.


GE have a completion fee of €63.49 (for hire purchase), but that still doesnt add up.

Have you actually paid 4 payments - Aug, Sept, Oct - have you paid Nov, if so did they take this payment into consideration when giving you the settlement.
 
they say it is included and that its so high because of interest rates
its 14% on a 6000 loan it cannot be that high of a charge for 4 months
I asked them for a breakdown they said i could ask an accountant ???

I asked them to send me out an exact breakdown of the settlement figure
 
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