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Paying a Loan Early
MonkeyHanger
Posts: 5
Forumite
in Loans
Hi, In Sept last year (2011) I took a loan out with Nationwide for £8,000 over 3 years, at a APR 6.4%. My monthly payment is around £243, and so far have paid 4 Instalments. Ive now cashed some works shares in, and can afford to pay this off after only 4 Months! Thank God!!
I think I owe around £7,900 left, and I asked for a early settlement fee, which I was given around £7,300 ish, but would have a penaltyof 58 days interest! How much would that be? Whats the best advise to do, to get round this??
Sure I read, that someone once suggested paying all but one payment?
Thanks in advance
Monkey Hanger
I think I owe around £7,900 left, and I asked for a early settlement fee, which I was given around £7,300 ish, but would have a penaltyof 58 days interest! How much would that be? Whats the best advise to do, to get round this??
Sure I read, that someone once suggested paying all but one payment?
Thanks in advance
Monkey Hanger
0
Comments
-
58 days at 6.4% will be about £730
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