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Why does a settlement figure have a date?
A settlement amount can depend on interest and other adjustments up to a specified point.
It is not always identical to the principal balance displayed on a statement.
Use the provider's instructions and confirm the figure if payment will occur later. Keep evidence of receipt and account closure rather than assuming that an old estimate remains correct indefinitely.
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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.