Early Settlement Figure - Lloyds Loan

geordie_ben

I have approx £680 left on a £1000 loan take over 12 months (Started in Sept 10)

I have the money in my bank to pay the full amount off today and a direct debit for the normal monthly payment (£94) is due out on the 5th of Feb

To pay the loan off early I know I need to pay 58 days interest.. will this be of the amount that is left?

What's my best course of action to make the Early Payment Figure and fees as low as possible?

Is £680 the amount I owe, or will this figure include the interest they expect to charge over the course of the loan?

Lloyds allow overpayments on their loans

Any advice? I want to go and pay money off at lunch time if I can

molerat

You need to phone them and get a settlement figure. It may be difficult to stop the Feb DD now, normally 10 working days is needed and these financial institutions work very slowly !! Your best bet may be to pay it off on 5th Feb, phone and find out.

geordie_ben

I've just called then and they qouted £744.... but the balance on the loan is only £680... £64 for 58 days interest? seems a bit steep even if the APR is 24.9%