Early payment of secured loans

wosis

I have a secured loan with GE with 29 months to run and am now in a position to pay it off but am going to get nailed by charges.I have been told that if i pay off the majority of the loan and leave a small balance to be payed off over the existing term I can avoid these charges.Is this possible and how do I go about it.Wosis

CLAPTON

phone up and ask GE for a settlement figure i.e. how much it would cost to pay off the whole loan
and the exact details if you make a partial payment i.e. if you pay xxx now then how many payments of yyy do you have to make?

and ask for them to be confirm in writing.

then either post the answers here or compare these payments with your current situation i.e multiply your current monthly payments with the number of months left to pay.

unless there is significant advantage in early repayment, simply save your money in the best savings account you can find.