I know its a long shot ...Halifax Loan what happens if ?

Mum2twins98

Hi Everyone !
I wonder if you can help ..we had a personal loan with the Halifax we owe £2100 on it never missed a payment, we pay £110 a month but we may be able to pay this off in the next few weeks, would we get any money back if we did ?
i know i could ring but thought i would ask here

sscott5581

Mum2twins98 wrote: »

Hi Everyone !
I wonder if you can help ..we had a personal loan with the Halifax we owe £2100 on it never missed a payment, we pay £110 a month but we may be able to pay this off in the next few weeks, would we get any money back if we did ?
i know i could ring but thought i would ask here

Ring and ask for a settlement figure, you may be charged a early settlement fee which various between banks, this can anything from one to two months interest. Check your terms.

the_insider

You wouldn't get any thing back, the payments you have made have been for the having the funds up till now, not for having them in the future. That's why the interest is applied monthly.

amersall

you should get a rebate of interest when you ask for a settlement figure, do as sscott5581 says, ask for a settlement figure

BLT_2

Mum2twins98 wrote: »

Hi Everyone !
I wonder if you can help ..we had a personal loan with the Halifax we owe £2100 on it never missed a payment, we pay £110 a month but we may be able to pay this off in the next few weeks, would we get any money back if we did ?
i know i could ring but thought i would ask here

Your saving depends on how long the original loan was for. You appear to have around 18 months left on it. Interest is calculated on a monthly basis, ergo if the loan was at 7.9% you will owe circa 13 pounds in interest this month, which will go down month by month. Clearly if this is a 15% loan the interest would be 26 pounds.

If you can extrapolate that month by month then you will see how much interest you have left to pay, you should then remove one months interest to see what your saving would be

Your final settlement fee would probably be a 100 to 200 pounds less than the amount owed if the interest rate is 15%

VIGILANT22

[QUOTE=Mum2twins98;i know i could ring but thought i would ask here [/QUOTE]

Why??...when Halifax can give you the accurate answer?

Mum2twins98

VIGILANT22 wrote: »

Why??...when Halifax can give you the accurate answer?

Thanks so much for your useful comment !
Why bother to answer it was a simple question