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Early settlement figure/Overpayment
A question for all you loan experts out there (apologies if it's been asked already).
Just phoned my bank for an early settlement figure which is £3506.30 and includes the 58 days interest as per the CCA. My question is that 58 days interest calculated on the balance owed at today's date or the original sum borrowed? If it is the balance owed at the date the settlement figure is calculated it would be more beneficial for me to make a couple of lump sum overpayments first to reduce the interest?
Many thanks.
Just phoned my bank for an early settlement figure which is £3506.30 and includes the 58 days interest as per the CCA. My question is that 58 days interest calculated on the balance owed at today's date or the original sum borrowed? If it is the balance owed at the date the settlement figure is calculated it would be more beneficial for me to make a couple of lump sum overpayments first to reduce the interest?
Many thanks.
0
Comments
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if you are allowed to make overpayments then yes do that and that will reduce the early settlement interest0
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Yes, I am allowed to. Many thanks for clarifying.0
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