overpayment of halifax loan

crispy_chris

I overpay my Halifax loan whenever I want, simply by sending faster payments to a sortcode/account number/reference number they gave me over the phone when I called.

So far they've all been successful.

Joeler

StuC75 wrote: »

That would be what most people would want to happen..

No - if you have a lump some to put down but you think paying it off will reduce your monthly payments over the same term, it won't. This isn't obvious at all.

StuC75 wrote: »

Know Tesco have it that when make an overpayment, they will contact you to confirm what to do with it - e.g. reduce Payment or reduce term - if unable to confirm will then reduce payment & confirm in writing (as this isnt the most MSE savvy choice).

You have just invalidated your own point by showing other banks do it differently, however since we are talking about Halifax...

penelopeB_2

you can file for a refund then. Just complete the requirements.

jona26

It depends when you took out the loan - ie pre or post Consumer Credit Directive implementation.

The suggestion to call the bank is correct with the starting point being the Halifax website to get the phone number.

The phone number and the method of payments available (including account numbers to pay to) will depend on which Halifax loans system yours is held on.

The website tells you which number to call based on the format of your loan agreement number - either starting 84, 7/ or 100.

As statted above, the term will reduce but not the monthly payments.

jona26

Forgot to add - do you mean overpayment or actually mean partial repayment? There are differences.

The partial repayment will reduce the term and the interest and finish the loan early.

The overpayment would be, for example, if you were going travelling for 6 months, wanted to pay your next 6 months in advance and resume payments on your return.

WaxiesDargle

Well I phoned them up to be sure, and they gave me the acc and sort numbers that IWN gave on this thread...so i did a trial £1.00 as advised and sent it off...the £1.00 left my account...only to arrive back two days later!...not sure what's happened here

InsertWittyName

Did you put your loan reference (the long number starting 100) into the reference field?

WaxiesDargle

I could just not answer this and scuttle off never to be heard of again but...DOH!...no I didn't...

oh dear....:o

sharpy2010

WaxiesDargle wrote: »

I could just not answer this and scuttle off never to be heard of again but...DOH!...no I didn't...

oh dear....:o

Lucky they didn't just put it in a holding account! You couldve been waiting ages before realising something was wrong!

Wutang_2

WaxiesDargle wrote: »

I could just not answer this and scuttle off never to be heard of again but...DOH!...no I didn't...

oh dear....:o

You basically didnt phone them....asked the forum....then did phone them...and made a schoolboy error!

I think there's a section on MSE entitled "the how to use a forum forum", take a look.