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A clear limit is part of a useful financial explanation
A resource can explain a repayment mechanism and still be unable to determine legal rights or suitability for an individual.
Those limits help locate the next authoritative source.
The explanation remains useful when it offers specific questions and documents to check. It should not fill the gap with invented rates, approval guarantees or a claim of personal advice.
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Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.