Paying off a loan early ?

rachealmac

Hello all.

we have a loan with santander,and wish to pay it off early without being jumped and robbed for those nasty hidden charges.

i remember theres a way to do it,but have forgotten the details.
[i think it was pay off a monthly payment for the full amount,but not sure]
does anyone have experience with this way to clear off a loan with the minimal charges etc.

thanks in advance for any help.

Cheesedoodles

You can repay the loan whenever you want.

As long as this is "normal" bank loan and not a car loan all you have to pay is the outstanding balance of your loan plus 1 months interest. This is regulated by the Consumer Credit Act of 2006.

Just contact your loan provider and say you want to pay off the loan. They should send you a final payment figure and how to pay it.

rachealmac

Cheesedoodles wrote: »

You can repay the loan whenever you want.

As long as this is "normal" bank loan and not a car loan all you have to pay is the outstanding balance of your loan plus 1 months interest. This is regulated by the Credit Consumer Act of 2006.

Just contact your loan provider and say you want to pay off the loan. They should send you a final payment figure and how to pay it.

wow that was fast,many thanks.

i was a bit worried as we have suffered every vulture since trying to settle all our debts.
how do these shylockes know when we get a windfall that could clear our problems ?

its the debt goblins isnt it ?

[Deleted User]

beware of santander we paid off 2 loans in the summer,they kept coming back saying we hadnt paid them off in full when we had and wanting more money,i told the to st*ff it and they backed off,they are a nightmare

rachealmac

never thought i would miss the days of being coshed and rifled in the streets but at least thats "honest" thievery.

After dealing with solicitors and estate agents i think the street thug gets the moral higher ground