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Loan Overpayment before Early Settlement
dantheman2010
Posts: 697
Forumite
in Loans
Hi all,
I have a Tesco loan with an o/s balance of £16,563.92 and have been provided with an early settlement fee of £13, 517.45.
I have taken a new Nationwide loan out for the £13k and I have the £13,517.45 ready to clear the Tesco loan.
My question is;
Am I better off to clear the Tesco loan based on the ESF of £13,517.45 or is there any further savings to be made by paying £5000.00 over payment off the Tesco loan (bringing it from £16,563.92 to £11,563.92) leaving £8517.45 in my bank account and then ask for an ESF on the £11,563.92.....is it likely to be any less than the £8517.45 left in my bank therefore saving me more money?
I dont really want to muck about doing it for no/minimal saving, but if it is likely to be a couple of hundred pounds then I may as well.
Thanks in advance.
I have a Tesco loan with an o/s balance of £16,563.92 and have been provided with an early settlement fee of £13, 517.45.
I have taken a new Nationwide loan out for the £13k and I have the £13,517.45 ready to clear the Tesco loan.
My question is;
Am I better off to clear the Tesco loan based on the ESF of £13,517.45 or is there any further savings to be made by paying £5000.00 over payment off the Tesco loan (bringing it from £16,563.92 to £11,563.92) leaving £8517.45 in my bank account and then ask for an ESF on the £11,563.92.....is it likely to be any less than the £8517.45 left in my bank therefore saving me more money?
I dont really want to muck about doing it for no/minimal saving, but if it is likely to be a couple of hundred pounds then I may as well.
Thanks in advance.
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