Early Repayment - Lloyds TSB Loan

TmanX

Hi All,

Being made redundant soon and getting a nice redundancy payout. I currently have a loan with Lloyds TSB which I'd like to repay with some of my redundancy money. My loan currently has 10 monthly repayments left to run of £216 each. My question is should I repay it in full, make a large one off repayment of nearly all the loan, or just let it run its course making the normal monthly repayments. My preference would be just to clear the loan as I'd like to be debt free but not if it'll cost me alot more than another option.

Information I found:

You asked us:
Can I pay off my loan early?
Our answer is:
Yes, it is possible to pay off your loan early although it should be noted that an early settlement fee will usually apply. Please contact 0800 096 1237 to confirm the settlement figure for your loan.

You asked us:
Can I make one off payments on my loan?
Our answer is:
One off loan payments to your loan can be made in addition to your regular monthly repayment. One off payments must be of at least £100 but can be made as often as you like at any Lloyds TSB branch or by sending a cheque direct to:

Lloyds TSB Personal Loan Service Centre
PO Box 43
Peterlee
SR8 2YQ

Cheques should be made payable to 'Lloyds TSB (a/c Eisis)'. Please quote your full loan account number in your request and write it on the reverse of your cheque.


Any thoughts or suggestions? :money:

Saints2011

Yes you can pay of early, pay the full amount - 1 months direct debit amount, then one more direct debit will come out which will automatically shut the account down meaning no early repayment charges.