More than the current balance to pay?!?!

Fruitloops

On my internet banking with Lloyds TBS, in my loans section it says....

*Please note that the current balance figure is not the amount you will need to repay your loan.

Anyone know what this means? That sounds a stupid question but seriously.... so I will end up paying even more than the balance shows?
I thought that was with the added interest!?!?!

ARGGGHH :eek:

Rubber_Duck_4

It might mean that there is an early repayment charge ( sometimes of a months interest depending on the bank) and this will not be shown here. Might be worth a quick check of the T&Cs.

That may be one of the reasons.

Fruitloops

Thanks Rubber Duck I'll have a look

Also there's a number next to that info so I'll give them a call tomorrow and ask them to explain.

Pantera_Fan

Looking at my loan I think the figure shown is the capital outstanding - not sure if it includes any settlement fees but doesn't take into account the interest you pay if you run the fall length of the loan.

Multiply your monthly repayment by the number of months you have left to pay. Subtract the amount on the website from this figure to give you the approx interest you'd save if you settled it now.

jonesMUFCforever

You can't pay into or settle a LTSB loan online.
The figure quoted is the capital amount after your last repayment.
Interest is calculated daily and as others have posted there may be a two month interest penalty for early repayment not to mention a partial repayment of PPI if applicable.