S
supersonic
Guest
In 2007 I paid 3,000 euro off the capital of my mortgage, I made contact with the bank over the phone and sent off the cheque. It was always my plan to pay a bit extra off when I'd have it. I am just looking over my finances today and found this receipt of the amount from the bank-----
it says my payment ''was used to revise the balance of my loan' and the goes on to give the following
revised loan balance........................163,000.00
total repayment..............................1,000.00
now I can't understand this bit, why doesn't it say total repayment 3,000?????
I was on a variable rate at the time if that makes a difference.
I have looked on to my loan statement for the end of that year and on it you can see where it says 3,000 capital payment to reduce term..
At the time this happened I went in to the bank manager to make sure my 3,000 had been taken off the capital and he assured me it had but now looking at this again I simply don't understand why it says total repayment 1,000???? Could someone please explain this to me please?? in as straight forward a way as possible. Thanks.
it says my payment ''was used to revise the balance of my loan' and the goes on to give the following
revised loan balance........................163,000.00
total repayment..............................1,000.00
now I can't understand this bit, why doesn't it say total repayment 3,000?????
I was on a variable rate at the time if that makes a difference.
I have looked on to my loan statement for the end of that year and on it you can see where it says 3,000 capital payment to reduce term..
At the time this happened I went in to the bank manager to make sure my 3,000 had been taken off the capital and he assured me it had but now looking at this again I simply don't understand why it says total repayment 1,000???? Could someone please explain this to me please?? in as straight forward a way as possible. Thanks.