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    • Mrstu82
    • By Mrstu82 16th Sep 17, 9:06 AM
    • 1Posts
    • 0Thanks
    Loan overpayments
    • #1
    • 16th Sep 17, 9:06 AM
    Loan overpayments 16th Sep 17 at 9:06 AM
    Morning all,

    First post here, always been a fan and quiet observer though! I'm after some help. I have a loan with Sainsbury. Loan was for £16000 over 60 months @ 14.9%. I have 32 payments left to make and my monthly payment is £385. As of this month I have doubled my payments. I have informed the lender and they are fine with this, no penalties. However the question they could not answer was this; If I continue to make double the payments, how many months will I have left to pay? I assume it isn't 16 months (or is it...?) I start getting fuzzy when trying to sort out the month reduction on interest etc. I can find overpayment calculators, the guardians one for example, but most look to be projections of overpayment's from the start opposed to starting over payments mid term. Any help would be appreciated, if I've missed anything vital please ask and I'll try to supply it!
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    • TrickyDicky101
    • By TrickyDicky101 16th Sep 17, 12:47 PM
    • 2,689 Posts
    • 1,741 Thanks
    • #2
    • 16th Sep 17, 12:47 PM
    • #2
    • 16th Sep 17, 12:47 PM
    Assuming you made 28 payments at the original £385pm then you would have had c.£10,000 outstanding when you went on to double payments (£770pm).

    It would then take just over 14 months to fully repay the outstanding loan balance.
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