• Status: Solved
  • Priority: Medium
  • Security: Public
  • Views: 450
  • Last Modified:

early loan resettlement formula

Hello

Please could you point me in the direction of a formula for calculating early loan resettlemen in the uk. I can see there are regulations from 2004 but I can't find a formula. I have read of an actuarial method if that helps

Thanks
0
andieje
Asked:
andieje
1 Solution
 
Don ThomsonCommented:
Here is one for Mortgages http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator

Here is an "Any Loan" calculator  http://www.financecalcs.co.uk/Calcs/Settlement.php

If you need the raw formulas try here http://www.excelworks.co.uk/default.aspx?page=30100

Download the Excel Spreadsheets - the formulas should be easy to figure out
0
 
andiejeAuthor Commented:
Hi. I need the formula not the calculator.  I should have said it is for fixed rate loan so the mortgage spreadsheet doesn't apply. Thanks
0
 
Ken ButtersCommented:
The following PDF file contains the law : Chapter 11 (Starting on Page 49 in attached PDF)
it also contains examples of it's application including formulas : Appendix (Starting on Page 85 in attached PDF)

Note: It is not a simple formula, but rather a sum of calculations for each month in the term.  That is why you find that it most often determined with various calculators.
10-1053-consumer-credit-directiv.pdf
0

Featured Post

What does it mean to be "Always On"?

Is your cloud always on? With an Always On cloud you won't have to worry about downtime for maintenance or software application code updates, ensuring that your bottom line isn't affected.

Tackle projects and never again get stuck behind a technical roadblock.
Join Now