Has anyone had info about early repayment of loans?

GeorgeUK

I've read the article here about how we should now be able to do early partial payments for loans and had a look at the legislation http://www.legislation.gov.uk/uksi/2010/1010/contents/made

Can anyone explain it to me?
I admit to being a little bamboozled by this as we seem to be keeping the current full payment legislation, but adopting this partial payment legislation.

Does this actually mean that instead of saving money to pay the loan off in full (and being charged approx 1 months payment as an early settlement charge), we can make partial payments to reduce the balance (with 1% charge for the amount overpaid each time), but then as the loan will be settled early, we still need to make that final payment as a full early settlement payment and incurr the 1 month charge?

I have not received anything at all from my loan provider about this.
Would love to see some worked examples done by the government to explain this legislation.

It's hard enough to try to work out the full early settlement charge as is.