Post by bt on Jun 3, 2020 7:01:39 GMT
Morning all.
When does the capital on an interest only loan get repaid?
Looking at my repayments for this month, the following was due today:
Product Access
Contract Cxxxxxxxxxx
Loan Term Remaining 1
Term date 07/05/2020
Amount £774.51
Rate 3.2%
Repaid 03/06/2020
Capital £773.7
Interest £0.94
The details show:
Contract date 06 May 2020
Original contract formation date 19 June 2019
Original loan term? 12 months
Loan term remaining 1 months
Loan type Interest only
Borrower category Asset
Today's repayment was just interest:
03/06/2020 Access Lend order (£773.57)
03/06/2020 Access Interest £0.94
03/06/2020 Access Capital repayment £773.57
(nb this shouldn't have been lent out in a new loan as I have my rate set at 8%, so I think this is is the usual continuation of a loan)
Nothing shows in next months repayments.
So how do I tell when the capital will be repaid? Is it on the 6th? 7th? 19th? Next month? Never? Or should I have had it today?
When does the capital on an interest only loan get repaid?
Looking at my repayments for this month, the following was due today:
Product Access
Contract Cxxxxxxxxxx
Loan Term Remaining 1
Term date 07/05/2020
Amount £774.51
Rate 3.2%
Repaid 03/06/2020
Capital £773.7
Interest £0.94
The details show:
Contract date 06 May 2020
Original contract formation date 19 June 2019
Original loan term? 12 months
Loan term remaining 1 months
Loan type Interest only
Borrower category Asset
Today's repayment was just interest:
03/06/2020 Access Lend order (£773.57)
03/06/2020 Access Interest £0.94
03/06/2020 Access Capital repayment £773.57
(nb this shouldn't have been lent out in a new loan as I have my rate set at 8%, so I think this is is the usual continuation of a loan)
Nothing shows in next months repayments.
So how do I tell when the capital will be repaid? Is it on the 6th? 7th? 19th? Next month? Never? Or should I have had it today?
