HSBC Loan Settlement Query
Discussion
I took out a personal loan for a car 2.5 years ago, and there's about a year on the agreement.
I want to pay it off and so asked for a settlement figure; the figure was the same as the total amount outstanding.
I queried this as I'm not having the money for the full term so had assumed I didn't have to pay interest for the full term?
HSBC say that the loan is loaded up-front and thus it's just unfortunate that I have paid off all of the interest - now all I'll be doing is paying back what I borrowed.
Is this standard industry practice?
Cheers in advance.
I want to pay it off and so asked for a settlement figure; the figure was the same as the total amount outstanding.
I queried this as I'm not having the money for the full term so had assumed I didn't have to pay interest for the full term?
HSBC say that the loan is loaded up-front and thus it's just unfortunate that I have paid off all of the interest - now all I'll be doing is paying back what I borrowed.
Is this standard industry practice?
Cheers in advance.
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