It’s well well worth emphasising in the event that you repaid some loans early as you borrowed more that month through the exact same home lender. It is sometimes called вЂњrefinancingвЂќ your loan.
In this situation you might have paid more in interest if you had just been given an extra loan because of the way the вЂњearly settlement calculationвЂќ was done than you would have. If this isnвЂ™t explained for you by the representative (and I also bet it absolutely wasnвЂ™t!) then you definitely paid more interest than you need to have.
Additionally it is well well worth pointing down towards the Ombudsman because it was getting near to Christmas, or in August when you might need more money for new school uniforms, or because you had paid off a lot of a previous loan if it was always your agent suggesting you borrow more, perhaps.
A loan provider such as for example Provident should have only provided you that loan in writing for it if you had asked them. The collector should not have sat in your house and offered brand new loans. Read more