Just sent off an overpayment for my Loan

Jaymz

Hi,

I have just posted a cheque for £2000 to pay a lump off my Nationwide loan! Hopefully if I continue to hammer it I should be debt free by the end of October (according to the snowball calculator!)

:j

fizzel81

well done im sure you will be debt free in no time x

Annie_Fanny

Woohoo! So good to hear!

rchddap1

well done to you. You'll get there in no time.

dinkylou

Jaymz,

Not meaning to be rude but have you checked with the overpayment 'rules' with Nationwide?

I overpay my loan with them and was told that I can only overpay £100 per month without incurring the early repayment penalty.

Just wondering about the difference

Jaymz

dinkylou wrote:

Jaymz,

Not meaning to be rude but have you checked with the overpayment 'rules' with Nationwide?

I overpay my loan with them and was told that I can only overpay £100 per month without incurring the early repayment penalty.

Just wondering about the difference

Hi Dinkylou

I phoned them twice last week and spoke to two different people. I spoke to a foreign lady first of all and she said I could only overpay by £100 per month. Then I phoned a couple of days later and spoke to the most helpful person I have ever spoken to. She said I could overpay by as much as I like and not be charged so have taken her word for it. It also says on the website there is no overpayment charge

I am worried now if you have also been told about the early repayment charge

dinkylou

Jaymz,

That is strange then. I'll have a further look into it.

The person I spoke to said that if your loan was taken out before April last year then the interest was front loaded and so no charge (I think) but if was taken out after April 05 then interest is calculated by the day and so £100 overpayment only.

Will phone them again as i'd like to overpay mine by more if possible.

Sorry if this confuses things.

Jaymz

dinkylou wrote:

Jaymz,

That is strange then. I'll have a further look into it.

The person I spoke to said that if your loan was taken out before April last year then the interest was front loaded and so no charge (I think) but if was taken out after April 05 then interest is calculated by the day and so £100 overpayment only.

Will phone them again as i'd like to overpay mine by more if possible.

Dinkylou,

I took mine out in the November with the intention of paying ot off early (was for a car) and I can even remember the guy in the branch saying I could pay it off early. I know the interest is calculated daily but I always thought they used a 'Running total' kind of system where you could just pay chunks off.

I really hope there isn't a charge, because I plan on making big overpayments each month.

If you phone them can you let me know what they say? By PM or on here would be great. Thanks for you're help

Ali-OK

I guess the alternative, if you can't overpay by large chunks, is to keep saving until you can do an early settlement.

Jaymz

Ali-OK wrote:

I guess the alternative, if you can't overpay by large chunks, is to keep saving until you can do an early settlement.

Thats what I was trying to do but I worked out I would pay loads more in interest. If there is a charge for making the overpayments then I would of been best off saving and paying it off in one go as you suggest.

I am so looking forward to the day I am finally shot of the stupid loan

abi113

Wow - bet that feels good - Congratulations!