Possible to work out loan settlement figures?
Possible to work out loan settlement figures?
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Discussion

PumpkinSteve

Original Poster:

4,234 posts

179 months

Sunday 11th March 2012
quotequote all
Can I work out settlement figures without having to contact the finance company every month? I just want to make up a sort of chart where I can see how much it'd cost me to settle after each monthly payment.

I make the payments on the 17th every month but the finance company does not update their figures until the 1st of the next month so I have to wait until the month after I've made the payment to get a settlement figure.

jeff m2

2,060 posts

174 months

Monday 12th March 2012
quotequote all
If the interest is 5% than multiply your last known bal by .05 then divide by 365.
This will give you a daily rate.
Then use that rate to add interest for the number of days past your last know bal.

This may not get an answer correct to one cent/penny, but it should very close.
(within a Dollar/Pound)

PumpkinSteve

Original Poster:

4,234 posts

179 months

Monday 12th March 2012
quotequote all
It doesn't seem to have a daily rate, only a fixed monthly settlement payment which is then valid until the 1st of the next month, then it reduces again. phoned them up and they were fking useless, they said "just subtract your monthly payment from the current figure"... rolleyes obviously that wont work as it doesn't take into account interest saved.