Barclays loan

paraman

Im 2 years into a 5 years unsecured loan with Barclays.

I borrowed £8000 at 11.2% and my current balance is £5800.

I rang Barclays and asked for a settlement figure as I have the cash to pay back the loan and I was hoping to save money on the interest I would be paying over the next 3 years.

When I received the settlement figure through the post I was suprised that they want the £5800 plus an early settlement processing fee of £52.

I was expecting to save money by paying the loan back early.

Is it also worth trying to bargain with Barclays regarding a reduction in the settlement amount if I pay back the loan now.

Grovester_2

So multiply your monthly payment by the number of months you have paid. Add 5852 to this number it will be less than 60 times your monthly payment.

CLAPTON

why would you expect to pay less than the capital you owe?

by paying it back early you are saving interest.

how much was your monthly payment and how many payments have you made?

jonesMUFCforever

I would imagine that interest would be calculated daily therefore there is no interest to refund.
Other posters are correct.