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Early settlement of Barclays Loan
crawley_girl
Posts: 2,010 Forumite
in Loans
Have just taken out an Egg Loan to pay off the reminder of a Barclays Loan.
Was very MSE and only took what was needed and no extras and all for a lower APR.
Question is, I have just phoned Barclays to see if I pay exisitng loan off and it is going to cost me an additional £174 odd (weird amount) which is something I would prefer not to do if at all possible. I seem to remember reading about how to avoid paying this but can't find any more info for love nor money. Was something along the lines of paying off outstanding balance minus the last month's payment, which is taken as direct debit and thus not seen as early settlement.
Can anyone point me in the right direction or offer me some pearls of wisdom? Or have I hit the nail on the head?
Many thanks
:heartpuls CG :heartpuls
Was very MSE and only took what was needed and no extras and all for a lower APR.
Question is, I have just phoned Barclays to see if I pay exisitng loan off and it is going to cost me an additional £174 odd (weird amount) which is something I would prefer not to do if at all possible. I seem to remember reading about how to avoid paying this but can't find any more info for love nor money. Was something along the lines of paying off outstanding balance minus the last month's payment, which is taken as direct debit and thus not seen as early settlement.
Can anyone point me in the right direction or offer me some pearls of wisdom? Or have I hit the nail on the head?
Many thanks
:heartpuls CG :heartpuls
Ever wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.
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Comments
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Whatever the amount outstanding is - pay this less a sum of say £100 or whatever your monthly repayment is and let the d/d go through to finish off the loan. It may mean that you overpay a litle at the end but this will be refunded to you.0
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Cheers ma dear...
:heartpuls CG :heartpulsEver wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.0
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