Exactly just just What should take place aided by the final loan is that you need to just have to settle the quantity you borrowed less any payments you earn to this loan. A few examples
Example 1 вЂ“ you’ve got currently compensated a great deal to the loan that is defaulted
You ought to be finding a reimbursement of ВЈ700 in the previous loans. The loan that is last for ВЈ250, you have got currently compensated ВЈ280 and there’s nevertheless a stability of ВЈ90.
Than you borrowed on the last loan, it should be written off and the extra ВЈ30 you have paid to it is added to your refund as you have already paid more. Therefore the final loan is cleaned and you can get a reimbursement of ВЈ730.
Example 2 вЂ“ you have actuallynвЂ™t fully paid back the final loan
You ought to be obtaining a reimbursement of ВЈ700 in the previous loans together with loan that is last for ВЈ250, but right right here you have got just paid back ВЈ100 in addition to stability is ВЈ290.
Here you’ve kept to pay for 250 вЂ“ 100 = ВЈ150 towards the final loan to repay all of the quantity you borrowed, without any interest. So ВЈ150 of the reimbursement regarding the early in the day loans can be used to pay for this reduced balance.