Question

I have a small loan of around £2000..I have been paying 50 quid a month and have been paying for around 5 years never really paying it off….I’m awake to the game now and would like some advice on how to bring it to an end?..hope I’m in right place?….thanks!

Answer

Hi,

Have you spoke to the lender as to why after paying around £3,000 on a £2,000 for 5 years, the balance is not zero (0)?

What is the current balance on the loan?

It sounds as though it may be a high interest rate loan, but still, it should be paid off by this time. It almost sounds like you have borrowed and are in debt to a loan shark.

If you care to get back to me as to the bank or lender, and any details regarding the loan, I will research this further for you.

Regards,

Jon

3 Responses

  1. hi thanks a lot for getting back..my loan is with hsbc, also have my current acc with them…apr is 18.9..balance is £1986

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