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Increasing loan repayments?
Hi guys, first post on here....i have a loan with Egg, currently at £13800, paying £355 per month. I'm in the fortunate position of recently having a large pay increase, and so would like to increase the monthly payment amount, at least double the current payment. Are Egg likely to accept this, and would the interest be decreased, or will they keep it the same?
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Comments
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Why don't you ring and ask them? They would know better than anyone on here!0
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Thats tomorrows job, just thought i'd ask here first....0
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Interest should be charged on the daily outstanding balance, so if you make overpayments then you will pay less. It should be in the terms and conditions whether you can make overpayments, but as cooper said, the best way to find out is to phone them.0
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I think that you can set up an extra standing order so that the excess you want to pay can go out monthly on top of the £3350
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