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early loan resettlement formula

Posted on 2014-01-01
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Last Modified: 2014-01-14
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
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Question by:andieje
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LVL 14

Expert Comment

by:Don Thomson
ID: 39749874
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
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Author Comment

by:andieje
ID: 39751039
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
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Accepted Solution

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Ken Butters earned 500 total points
ID: 39771419
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
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