Solved

# early loan resettlement formula

Posted on 2014-01-01
430 Views
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
Question by:andieje

LVL 14

Expert Comment

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

0

Author Comment

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

LVL 19

Accepted Solution

Ken Butters earned 500 total points
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

Suppose you use Uber application as a rider and you request a ride to go from one place to another. Your driver just arrived at the parking lot of your place. The only thing you know about the ride is the license plate number. How do you find your U…
Iteration: Iteration is repetition of a process. A student who goes to school repeats the process of going to school everyday until graduation. We go to grocery store at least once or twice a month to buy products. We repeat this process every mont…
Viewers will learn the basics of slicers and timelines for both PivotTables and standard Excel tables in Excel 2013.
The viewer will learn how to create two correlated normally distributed random variables in Excel, use a normal distribution to simulate the return on different levels of investment in each of the two funds over a period of ten years, and, create a …

#### Need Help in Real-Time?

Connect with top rated Experts

10 Experts available now in Live!