Question

I hope you can help.

I took out loan to buy a car about 3 years ago, and did pay off the loan. It was struggle to do so as my wages were reduced being on furlough. I paid the loan off 3 months ago. I thought I paid the loan off, but now the bank is contacting me saying I owe £500. I cannot see how I owe this as I have made every payment. It was a 3 year loan and I paid it every month. Can you advise as to why the bank states I owe this £500?

Pat

Answer

Pat,

Have you spoke to the bank about this and as to why they still show a balance on the loan?

I really cannot say why there would still be a balance if you paid all the payments, unless there were additional charges, late fees, or some other charge added to the loan.

Speak to the bank and let me know, and we can look more into this.

Regards,

Jon

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