Paying Abbey Loan off Early

PoorPrincess

Hi Guys,

Im trying to save to pay my Abbey Loan off early, does anybody know if there are any penalties for doing this and if so what they are, and will i get any interest back or do they take it off when they give me a settlement figure?

Thanks

xxx

[Deleted User]

will normally charge 2 months interest for early settlement,just contact them ask for settlement figure which should be valid for 30 days

JA1000

woodbine wrote: »

will normally charge 2 months interest for early settlement,just contact them ask for settlement figure which should be valid for 30 days

They will give you this figure over the phone, I am not sure how you can pay it thought. I konw they wont allow a partial payment.

PoorPrincess

Thanks guys, will the settlement include a deduction of interest i would have paid?

CLAPTON

PoorPrincess wrote: »

Thanks guys, will the settlement include a deduction of interest i would have paid?

yes, the settlement figure will be the amount of capital still reamining plus a couple of months interest; so you don't pay the full interest

Happytogetdebtfree

I I looked at paying a loan off early my egg one which ends December I was going to get it paid for te summer but then when I looked at just how little I'd save by paying several months early I saw no point i'd rather go to the term however paying the egg kaon won't clear my debt if it would hav I'd of happily plowed it quicker lol. Best to overpay the credit cards for now. Good luck on overpayments x

PoorPrincess

Happytogetdebtfree wrote: »

I I looked at paying a loan off early my egg one which ends December I was going to get it paid for te summer but then when I looked at just how little I'd save by paying several months early I saw no point i'd rather go to the term however paying the egg kaon won't clear my debt if it would hav I'd of happily plowed it quicker lol. Best to overpay the credit cards for now. Good luck on overpayments x

Well this Abbey Loan has 24.9% APR and im paying £97.55 a month and only £49 of that is paying the capital, the rest is pure interest My boyfriend is lending me some money and with what i have saved i am wanting to pay it off early because im basically throwing nearly £50 a month away by having this loan

Happytogetdebtfree

Gosh well get it paid off asap it's like the intrest rate of a credit card! The robbing pffts! Good luck x

PoorPrincess

Happytogetdebtfree wrote: »

Gosh well get it paid off asap it's like the intrest rate of a credit card! The robbing pffts! Good luck x

I know!!! Im putting my credit cards to the back of my to do list, i just want to get this loan paid off and then i will have an extra £100 to throw at my debts...im excited about paying it off, it will be the first major step in sorting myself out!

Happytogetdebtfree

Ell done and all the best. I'd phone abbey and ask for a settlement figure