How to make extra loan payments?

Lottebear

My husband has a 10k loan with Lloyds bank he currenly makes a payment of £410 per month. We are now in a position where we can make overpayment against the loan, does anyone know how to go about making extra payments?

Can we send them a cheque for any extra each month?

marshallka

Lottebear wrote: »

My husband has a 10k loan with Lloyds bank he currenly makes a payment of £410 per month. We are now in a position where we can make overpayment against the loan, does anyone know how to go about making extra payments?

Can we send them a cheque for any extra each month?

Your credit agreement terms and conditions will tell you about the overpayments etc. I think each loan is different.

Good luck

Yorkshire-lad400

I have a loan from Lloyds. As long as you loan is flexible you should be able to make overpayments. You can go to your local Lloyds TSB branch and submit an overpayment over the counter - as far as I remember you'll just need your laon account number (provided by Lloyds when you took your loan out). You can over pay by standing order from Internet banking but that's more difficult - as you need specific loan company information that Lloyds don't really like giving you - after all they don't really want you to over pay as it cuts the ammount of interest they receive.
As long as you don't settle the loan in full you won't be penalised for overpayment - if the loan ends early becuase you over paid it's Lloyds fault for not adjusting your payments... This is fact - I've paid off two Lloyds loans early by over payment without penalty.
Hope this helps.
Yorkshire Lad.

Lottebear

Thanks this is what wanted to know, We have the loan account number, therefore I could give my husband the amount each month to go in a pay off.

Hopefully we can get rid of it by the end of the year!

Yorkshire-lad400 wrote: »

I have a loan from Lloyds. As long as you loan is flexible you should be able to make overpayments. You can go to your local Lloyds TSB branch and submit an overpayment over the counter - as far as I remember you'll just need your laon account number (provided by Lloyds when you took your loan out). You can over pay by standing order from Internet banking but that's more difficult - as you need specific loan company information that Lloyds don't really like giving you - after all they don't really want you to over pay as it cuts the ammount of interest they receive.
As long as you don't settle the loan in full you won't be penalised for overpayment - if the loan ends early becuase you over paid it's Lloyds fault for not adjusting your payments... This is fact - I've paid off two Lloyds loans early by over payment without penalty.
Hope this helps.
Yorkshire Lad.