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Santander personal loan early repayment charges

Lucy2787
Lucy2787 Posts: 2 Newbie
in Loans
Hi I am hoping to settle my loan early with Santander but I only have 7 months left. From the settlement figure they have give me today it would cost me 1 months payment to settle early. So should I just let the loan run for the next 7 months?
Any advice would be appreciated
Thanks

Comments

  • randomnut
    randomnut Posts: 135 Forumite
    Call and ask if you can make an overpayment, rather than an early settlement.

    All new loans since early 2011 can by default and many lenders honour this for older loans too.

    Ask to make an overpayment, and pay off all but say £10. Then call the next day and ask to pay off the last bit, or leave it to be paid on your next DD date.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    what is the cost of settling now?

    what is the cost of continuing for 7 months?
  • Lucy2787
    Lucy2787 Posts: 2 Newbie
    Thank you for the reply.

    The cost to resettle now is £1876.99 and the remaining balance is £1673.98
This discussion has been closed.
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