We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Early Payment Penalty
fredtheguava
Posts: 106 Forumite
in Loans
Hi all, and thanks in advance for any help or advice you can offer!
I have a loan with a major supermarket's money division, with a four year term. Fixed payments, etc.
I have been looking into all the ways I could make use of to be debt free by the end of this calendar year, and paying the loan off early comes up in there.
By December this year I will have made 36 of the 48 payments. I have looked at my paperwork linked to the loan and it appears that paying it off early at this stage would cost me £75 MORE than simply allowing the DD to collect it through 2013.
is this likely to be accurate? This is the first time I've been in a position to consider paying a loan off early so I'm a little confused! I would love to be able to clear it, but the extra cost seems a waste to me!
Any thoughts?
I have a loan with a major supermarket's money division, with a four year term. Fixed payments, etc.
I have been looking into all the ways I could make use of to be debt free by the end of this calendar year, and paying the loan off early comes up in there.
By December this year I will have made 36 of the 48 payments. I have looked at my paperwork linked to the loan and it appears that paying it off early at this stage would cost me £75 MORE than simply allowing the DD to collect it through 2013.
is this likely to be accurate? This is the first time I've been in a position to consider paying a loan off early so I'm a little confused! I would love to be able to clear it, but the extra cost seems a waste to me!
Any thoughts?
0
Comments
-
Best to phone them up and ask for a settlement figure.0
-
I will do, of course, when the time comes. I may, though, phone them now and see what figures they can quote me at this stage. Thank you!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards