Paying a loan off early?

Kataratarina

I have a loan which i pay 125 pm and will finish paying Nov 2011- so 3000 left to pay.

If i opted to try and pay either more each month or pay it off in full would i be charged extra?

It was a 5000 loan from halifax over 4 years...

Thanks in advance
x


EDIT** ok ive just realised that someone has already asked this?
Is an early repayment fee going to more than if i pay the same for the rest of the loan...

ie. if i owe 3000 from now to 2011 would it be more to settle it?

di3004

Kataratarina wrote: »

I have a loan which i pay 125 pm and will finish paying Nov 2011- so 3000 left to pay.

If i opted to try and pay either more each month or pay it off in full would i be charged extra?

It was a 5000 loan from halifax over 4 years...

Thanks in advance
x


EDIT** ok ive just realised that someone has already asked this?
Is an early repayment fee going to more than if i pay the same for the rest of the loan...

ie. if i owe 3000 from now to 2011 would it be more to settle it?

If you had PPI (payment protection insurance) on this loan they do also take that into account as well.

I would check your terms & conds if you have these as well to make sure as every bank varies from one to another to what I know of, hopefully someone that will know more on early settlements on paying extra will be able to tell you more.

Good luck.;)

CLAPTON

if you want to pay in full you need to ask for a settlement figure ..which will be around 3,000... they can add up to two months interest... that's the law.

if you wish to overpay you need to read the T&Cs of your agreement.. there is no rule about whether you can or can't or how they treat the payments.