We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Repaying personal loans early - Martin's blog
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
in Loans
Hi
Just read Martin's blog for 1st Feb 2011 which says we can now start repaying personal loans early for a 1% charge of the amount we repay.
Is this already in force now ?, can I start doing this with my personal unsecured loan?. It is with Natwest, and I haven't received any communication from them yet regarding this.
Has anyone received any form of communication from their banks regarding this new change....
I end up with couple of hundred pounds to spare at end of every month, so am thinking to put that into my loan account.......so if I do that then will they start reducing the amount of interest they charge me, or will my repayments remain as the same as what I currently pay ?
Just read Martin's blog for 1st Feb 2011 which says we can now start repaying personal loans early for a 1% charge of the amount we repay.
Is this already in force now ?, can I start doing this with my personal unsecured loan?. It is with Natwest, and I haven't received any communication from them yet regarding this.
Has anyone received any form of communication from their banks regarding this new change....
I end up with couple of hundred pounds to spare at end of every month, so am thinking to put that into my loan account.......so if I do that then will they start reducing the amount of interest they charge me, or will my repayments remain as the same as what I currently pay ?
0
Comments
-
My husband received a letter from Tesco saying he could start overpaying his loan from 1 feb 2011 if he wished. It states the monthly payments will be lowered as and when he makes overpayments so the length of the loan stays the same. It does not state he will be charged any extra for this. Will get him to get the letter out so I can double check this.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.4K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards