Deeper into the rabbit hole, but at least there is a little light

Simon_B_2

Just been into Halifax and Halfed my loan from
£2600 to £1260 or so i thought. But appears that to pay it off early i have to pay a pently fee of £92 on top which is the equivilent to 2 months interest making the total £1352 :mad:
This makes me cross as every move forward like this continues to put hurdles in my way.
I've just been approved for a egg money card and hope to transfer the money to pay off my loan on to my 0% credit card which should last around 9 months. After which i should have most of this money payed off currently consiously putting away £200-250 a month. Thing is are loans really the way to go?

regularsaver1

would egg card allow you to pay off this loan

halifax would only accept a cheque or cash for the funds

Simon_B_2

Using the egg money card, i can transfer the amount needed to pay off the loan, from my interest free credit card, on to the egg card and then transfer that amount into my current account to pay off the loan.
Somebody please point out if this is incorrect as it is what i plan to do,

regularsaver1,

See this link

roswell

nope nothing wrong with that as long as you use the egg money card not the normal egg credit card (Credit card charges a 2.5% fee EGG Money doesnt)

sanfrancisco

Martin has a cool trick to sort this one out. You will be (I guess/hope) be allowed to make overpayments. So, make overpayments up to the last £10. Leave this there and then you will only be charged 2 months interest on that £10. Then pay it off. Good hey?? Will try to find Martins link.

Simon_B_2

hey, that sounds ideal. Halifax informed me that i would have to pay the 2 months no matter what if it was paid off early, equivilent to £81ish. But if there is a way round that or a way to lessen it? that would be great

sanfrancisco

I would get the terms and conditions out. I have never heard that they would do that, but I wouldnt put it past them. I would also not trust what someone in a call centre tells you. Double check again and again. Good Luck.

regularsaver1

when you took out the loan you would not have paid until the 3rd month

it would have been in documentation that 2 months interest are to be paid upfront when repaying loan early