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Choosing between loan types
What is the starting point for a consolidation comparison?
Identify the current balances, remaining schedules and any settlement amounts. The original totals of old agreements are not the same as the cost that remains today.
Compare that remaining position with all costs of the proposed loan and any old accounts left open. A lower payment can result from extending time and does not establish a lower overall commitment.
Details
- Identify the current balances, remaining schedules and any settlement amounts.
- Compare that remaining position with all costs of the proposed loan and any old accounts left open.
- Identify the amount received and the opening balance
- Read fee treatment in the written offer
- Compare the dated repayment schedule
Early repayment terms
Check identity through an independent source
Compare the dated schedule with genuine resources and essential outgoings. Request clarification of an unusual first or final payment before treating it as an ordinary instalment.