We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
REPAYING LOANS EARLY
Well Martin thought you would have mentioned this little trick,
I have a loan with LLoyds Bank for 8,200. However they can charge you up to 60 days interest if you want to pay it off early. If you would send them a cheque for say 8,100 and then ask for a settlement quote they then only charge you interest on the 100 outstanding over the 60 days.
Also the same will work when companys apply the 78 rule.
I have a loan with LLoyds Bank for 8,200. However they can charge you up to 60 days interest if you want to pay it off early. If you would send them a cheque for say 8,100 and then ask for a settlement quote they then only charge you interest on the 100 outstanding over the 60 days.
Also the same will work when companys apply the 78 rule.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards