Can someone point me in the right direction please?

[helmutlaang]

Hi all

I have a finance agreement which I wish to settle early.

I am trying to work out how much it will be before I call the lender to see if it is viable,and have come across the following page:

http://www.legislation.gov.uk/uksi/2004/1483/regul...

The finance agreement I have says it uses this formula to calculate repayment due.

I have tried to work it out using the formula but for the life of me I cannot.

Can some clever person explain it in laymans terms please,maybe with an example?

Many thanks.

[sumo69]

No!

If you set out what you borrowed, what deposit, the APR , number of instalments and any other pertinent info then I amsure you would get more af an answer.

David

[helmutlaang]

sumo69 said:

No!

If you set out what you borrowed, what deposit, the APR , number of instalments and any other pertinent info then I amsure you would get more af an answer.
David

Hi David thanks for your reply.

I will not be posting personal details like that on a public forum as its no-ones buisness but mine. I was just after a simple explanation of how to calculate early settlement agreements.

Thanks.

[raptor600]

helmutlaang said:

I was just after a simple explanation of how to calculate early settlement agreements.

You posted the answer in your post.

That IS the calculation you need to work it out. It cannot be simplified further.

[oldnbold]

Just call the finance company, they will give you a settlement figure within seconds over the phone.

[sumo69]

helmutlaang said:

Hi David thanks for your reply.

I will not be posting personal details like that on a public forum as its no-ones buisness but mine. I was just after a simple explanation of how to calculate early settlement agreements.

Thanks.

Ok - your choice.

As others say, one call to the lender will get you the amount, though I doubt they will run through the calculation.

David

[rfoster]

oldnbold said:

Just call the finance company, they will give you a settlement figure within seconds over the phone.

^^^ This. They'll all be able to do it for you over the phone.