Settling Halifax unsecured loan early

brucethefish

Hi There

I did search the forum but couldnt find anything relevant

I have a halifax unsecured loan, and am 4 years into a 7 year agreement, total borrowed £10,000

I am looking to settle in full now. THe balance on my online banking is £4,670, however, halifax are asking for £70 more to settle.

If I paid say £4,600 into the loan, and then let the dd go out as usual this month for £150, would I save the £70?

Thanks

[Deleted User]

you need to contact them for a settlement figure,which will then usually be valid for 28 days,they will also tell you when to stop payments so you can avoid over/underpayment.

opinions4u

brucethefish wrote: »

Hi There

I did search the forum but couldnt find anything relevant

I have a halifax unsecured loan, and am 4 years into a 7 year agreement, total borrowed £10,000

I am looking to settle in full now. THe balance on my online banking is £4,670, however, halifax are asking for £70 more to settle.

I'd be fairly sure the online banking page states something along the lines of "this is not a settlement figure ring us on an expensive phone number for that".

£70 is probably interest to the end of the charging month.

If I paid say £4,600 into the loan, and then let the dd go out as usual this month for £150, would I save the £70?

No. You'd probably slip in to a new charging month and have an extra chunk of interest to pay.

Their settlement figure should be valid until a fixed date. Pay in full prior to then - in one go. Don't mess about with multiple payments.