You can overpay Natwest loans online

andymc29

Just thought I'd pass on this information.

I've got a Natwest personal loan, and I've found out I can make payments to it just like any other account, it has an account number and a sort code so you can just pay into that account and it works.

Because I'm with Natwest I see my payments have an affect straight away, I've overpaid £570 in the last week and nothing bad's happened, just hope it has the desired affect on the interest rate.

Apples2

It won't change the Interest rate but you will pay it off quicker.

Well done and good luck.

andymc29

Oh yes, sorry, I didn't mean the interest rate, just the total amount of interest. Right now I figure that virtually every pound I overpay is a pound saved off the interest.

zppp

andymc29 wrote: »

Just thought I'd pass on this information.

I've got a Natwest personal loan, and I've found out I can make payments to it just like any other account, it has an account number and a sort code so you can just pay into that account and it works.

Because I'm with Natwest I see my payments have an affect straight away, I've overpaid £570 in the last week and nothing bad's happened, just hope it has the desired affect on the interest rate.

:eek:

You had better call them. They are not designed for online transfers. The reason being is that NW personal loans do allow overpayments, but you get a choice as to whwther you reduce the monthly repayments or the term. You can't do this online you see.

I have also seen some transfers bounce, so I would just let them know, and in future call them and they can do a transfer properly for you.

andymc29

I don't want to call them every few days to pay another hundred pounds, it looks like it's working fine so I don't see why I need to do anything different. Maybe I'll email them to confirm but I hate calling banks, they always try to sell me something.

zppp

Call them on 08456041604 Option 3, that goes straight through to the lending centre who will do the transfer for you
(the only products they deal with are overdrafts and loans)

catflea

When I worked in the lending centre, I encountered someone who did just that.

Because the money paid in was not done through the correct channels it didn't register as money paid towards the loan - so the loan carried on exactly as before. No reduction in interest or payments and it it had been allowed to continue then it would have carried on for the full duration too.

Speak to NW NOW otherwise you WILL encounter problems! And a 5 minute phone call every few days is so much easier than the hassle of having to sort a huge mess out.

stclair

catflea wrote: »

When I worked in the lending centre, I encountered someone who did just that.

Because the money paid in was not done through the correct channels it didn't register as money paid towards the loan - so the loan carried on exactly as before. No reduction in interest or payments and it it had been allowed to continue then it would have carried on for the full duration too.

Speak to NW NOW otherwise you WILL encounter problems! And a 5 minute phone call every few days is so much easier than the hassle of having to sort a huge mess out.

Good advice the customer is desting for a forthcoming nightmare if they dont speak to them about it now.

stclair

zppp wrote: »

Call them on 08456041604 Option 3, that goes straight through to the lending centre who will do the transfer for you
(the only products they deal with are overdrafts and loans)

Ring 02380 226443 its cheaper

catflea

Does that number still work? Lending havn't been in Southampton since lord knows when (I was there when it got shut down...)

elfen

catflea, it might be the RBS building in Southampton, wasn't it Natpest and RBS who merged or something?