How to pay a loan off earlier than planned?

WelshWoofer

Hi,
I know that this sounds like a daft question but now I have just about paid off all of my credit cards I would like to start thinking about paying off a loan from Lloyds TSB which currently has 3000 pounds left outstanding. The loan is not in arrears and is paid by direct debit monthly.
I don't have the full amount to pay off now but would like to start making some headway with it.
Do you put extra into a savings account and wait for it to mount up to an amount that will eventually pay off the loan OR do you try to make extra payments? (Not sure whether this is allowed)

As I now have the cards sorted I need to make an effort with this loan.

Any advice?

jonesMUFCforever

Go into any branch and say you want to make an overpayment to your loan and they should be able to do it for you.
I know you can't make a payment to a loan using Internet banking, not sure about telephone banking but would not trust them to do it anyway.

Xbigman

I did this. As already stated go into the branch with the account number and just say you want to make an extra payment. They pay your money direct into the account and still take the regular DD. After a few payments you can phone up and get an account balance to keep track of how you are doing.
Regards



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