loan and early settlement - abbey

otv

i phoned and got an early settlement of my loan with abbey for 9.2k yesterday as i have the means to pay this off now.

ive heard that its best to pay of a major chunk - say 8k and wait a week or so then get an early settlement as early settlement works on soemthing like 60days interest.

does anyone know if this is the best option and whether this works with abbey ?

cheers :santa2:

angelica

otv, look at this tread, hopefully it will answer your question

http://forums.moneysavingexpert.com/showthread.html?t=99398

Please, let me know if it worked for you, too. I plan to repay my loan with RBS this way. And if it works with Abbey as it worked with LTSB, it should be possible everywhere.

Chop

I'm really glad I found this discussion today............

I have £1200 left to repay from a £10k graduate loan (I've nearly paid it all back - woohoo!). I pay £150 a month so am offically due to finish paying it back next July.

However, I have enough money in my ISA to pay if off early. So, should I?! Or should I pay £1000 and then just let it come to it's end naturally to avoid fees?!

I really want to get rid of it, but I don't want to be ripped off!

otv

chop, ive paid off 7k from my loan and will get a new settlement next week, i can then let you know if abbey works.

$17mma

Has it worked?

Plutos_2

yeah did it work??

Phoenix79_2

Chop wrote:

I'm really glad I found this discussion today............

I have £1200 left to repay from a £10k graduate loan (I've nearly paid it all back - woohoo!). I pay £150 a month so am offically due to finish paying it back next July.

However, I have enough money in my ISA to pay if off early. So, should I?! Or should I pay £1000 and then just let it come to it's end naturally to avoid fees?!

I really want to get rid of it, but I don't want to be ripped off!

Personally i'd leave the money in your ISA. Its tax free savings after all. If your loan is nearing its end and isn't causing you problems, just let it runs it course. It may have been front loaded with interest so its probably purely capital you are paying back anyway now.