Black Horse Early Repayment?

fivemice

Hiya

I wondered if anyone can tell me if I'm likely to get penalised for overpaying my husband's Black Horse loan?

Payments are usually £78 a month but I should hopefully be able to repay £621 this month. They sent us a final statement that showed that we'd still have to pay the interest on the whole loan term amount if we paid the whole lot off in full. I'm just annoyed, frustrated and confused by the whole thing.

And does anyone know the address to write to cancel PPI? Looks like we were mis-sold it. They told us that because my husbands credit history wasn't great, that he wasn't likely to get the loan accepted unless he took out PPI, and that they wouldn't bother putting it through unless we opted for it.

Thanks
fivemice xx

Willsnarf1983

as they are lloyds i don't think u will get penialised (sp) as i have a lloydsloan as well and over pay it, but iether give thema call or look at your orig agreement

Will

rog2

You should get a rebate on interest and charges if you pay the WHOLE of the loan early (if you ring and ask for a final settlement). I don't know how you would stand if you just made one larger than normal payment - it probably depends on what type of loan agreement that you have. If you are not going to save anything, then why not pay the normal amount and put the rest in an interest account?

wannabedebtfree_2

When my mom repaid a loan early, she was refunded all of the PPI, but she had to pay interest up to that date - which is fair enough! This was with Natwest, so I don't see why Lloyds should be any different, they are all pretty similar!!

CLAPTON

you need to read the terms and conditions or write to them and specially ask the questions.

what do you mean by a final statement...what does this mean?

ask
a. what do you need to pay to pay off the loan now ?
b. what happens if you pay in excess of the normal monthly payments ..how is the total amount payment affected?.

then post the details here and see what people say.