Paying off Halifax Personal Loan... bit by bit

atkieuk

Hi all,

Does anyone know if you can pay "a little extra" every month to a Halifax personal loan through Halifax internet banking?

The Halifax website says you can pay more than the monthly repayments, which will shorten the loan term, but the only method it provides is cheque.

Tried setting up the loan as a 'create new transfer', but it only lets you put in roll no's beginning with D or 2 (mines is 7).

Anyone got any experience in this area?

More generally, is paying off a little bit extra on a loan a good idea?

Thanks!

Tixy

Hi

I can only answer the general question about whether it is a good idea to pay extra on the loan.

I would say yes, providing you can afford it and that this debt has a higher interest rate than any other debts you may have (credit cards, overdrafts, other loans etc). If not then it would be more cost effective to target the debt with the highest APR.

euronorris

You should check the terms and conditions of the loan as it will stipulate there whether repayments are possible (particularly without charges etc).

As for the payment online, I'm not sure that roll numbers are completely necessary. I usually send online payments using account number and sort code only.

jon_boy75

you can overpay, either by cheque or transfer...you just need to quote the ref number of your loan when you do it

very adviseable to do, i'm hoping to do this myself

jonesMUFCforever

I would do a test run with a £1 first - once I knew it was working ok then send the overpayment.