Credit Cards to pay off Loan?

jamesd

frankquietly wrote: »

I was under the impression the egg settlement figure includes all interest that will fall liable over the course of the full loan period. Are you saying that by settling early I will somehow circumvent some of this interest?

That is now illegal. They are required by law to charge no more than two months more interest - the Consumer Credit (Early Settlement) regulations. So you save almost all of the interest that you would pay if you let the loan continue.

The settlement figure will include the capital that you still owe, interest for up to 28 days or one month until the settlement date they give you and at their option one more period if the loan lasts more than one year.