Your first statement can look a little different from later ones, simply because it covers the start of the facility. Knowing what to expect stops a normal first statement looking like a puzzle.
What you’ll typically see
- Your first drawdown (or the amount advanced) as the opening activity.
- Any partial-period interest if the facility started part-way through a period.
- Your first repayment, once the first collection has been taken.
- A running balance stepping from the amount advanced toward your schedule.
Sanity-checking it
Line the first statement up against your Key Information Sheet: the amount advanced, the first payment date and the interest should all match. If the first payment hadn’t been collected yet when the statement was produced, it simply appears on the next one. Anything that genuinely doesn’t match the KIS is worth a quick query.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: When will my first payment be taken?, How to read your statement of account, The summary panel at the top of your statement.