can I overpay on monthly loan payments

savvyshe

We have a loan with santander have had it for awhile and am shcked at how much is still outstanding. We have all cc s at 0%and wonder if its possible to pay off a big chunk off it for next 3 months to clear it and minimum on cc's. oh says its not possible but thought you clever folks might know more (he said we would'nt get a 0% for 16 months on£8,000 but we did. Thanks in anticipation.:)

NeverAgain_2

Nothing to stop you paying off the loan early, but there may not be much final advantage in doing so.

Ring the loan company and ask for a settlement figure.

Then multiply your monthly payment by the number of payments outstanding, and compare the two.