CAN ANY ONE EXPLAIN HOW INTEREST IS CALCULATED ON A REPOSSESSION? NATIONAL HOME LOANS REPOSSESSED MY HOME 6 YEARS AGO AND HAVE ADDED 45000 INTEREST. I HAVE ASKED THEM FOR AN EXPLANATION BUT ALL I HAVE RECEIVED IS A STATEMENT OF ACCOUNT - THIS MEANS NOTHING TO ME WHATSOEVER. IT SHOWS INTEREST CHARGES FOR 6 YEARS BUT NO REPAYMENTS WE MADE AT THE TIME.

-- DC (atis@atis.screaming.co), September 10, 2001

Answers

Do you think you can switch the caps lock off?

45000 divided by 72 (6 years x 12 months) comes to a mortgage payment of approx £625, assuming the property hasn't been sold in the period.

Has the property been sold?

There isn't really enough information here to give any kind of informed opinion. You need to look through the site, and post up some more.

-- (bluemoon@mcfc.co.uk), September 10, 2001.