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Settling a bank loan early?
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
in Loans
I was once told (by a bank employee oddly enough), that if you want to settle a bank loan early, you should pay everything but the final payment, which you should allow to be taken at the next DD.
It was a long time ago but, IIRC, it had something to do with avoiding an Early Settlement Charge, or something on those lines.
Is there something in this, or am I remembering wrongly?
It was a long time ago but, IIRC, it had something to do with avoiding an Early Settlement Charge, or something on those lines.
Is there something in this, or am I remembering wrongly?
0
Comments
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Surely it depends what you signed your name to ?
Yes there can be a fee involved if you settle early and i think ive read on here about paying the loan off early minus the last payment and let it be paid by DD as normal.0
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