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Loan Repayment Calculation Help Please

PopTarts · 2016-03-07 23:18:23

Hi, Can someone give me an indication of what the interest on weekly repayments should be? There's conflicting amounts coming out the last few weeks... I think as a result of a mess up with the lending institution who didn't set up the repayments the first few weeks. I took out a loan of €10,000. It's a standard 8.68% APR.…

08-03-2016 12:18am

#1

PopTarts

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Join Date: December 2010

Posts: 2086

Hi,

Can someone give me an indication of what the interest on weekly repayments should be?

There's conflicting amounts coming out the last few weeks... I think as a result of a mess up with the lending institution who didn't set up the repayments the first few weeks.

I took out a loan of €10,000. It's a standard 8.68% APR. I agreed to pay €70 back weekly.

One week I was charged €6.70 interest (€63.30 deducted from loan), the following week I was charged €15.53 interest (€54.47 deducted from loan).

Could this have anything to do with them not taking any deductions for the first 4 weeks due to their mix up?

When I contacted them about it they deducted €280 from my savings account where €59.35 was interest (€220.65 deducted from loan).

Just wondering if I'm being penalised for late repayments?

It looks like almost 20% went on interest with the €280 deduction and the week where €15.53 went on interest with almost 10% going on interest the week €6.70 was taken.

Thanks

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