Loan Overpayment

james112012

HI All,

I am new to the site and looking to get some advice with overpayment on a Nationwide B.S loan.

I took out a loan of £7500 in april 2012 and have been paying £207 p/m at 22% over 5 years. I know it is very high and is reason I am now overpaying each month. I have already paid £180 overpayment last week and will be overpaying £70 per week.

Could someone see if they can work out how much I would have pay each month to clear it by October 2013?

I have been using the calculator but as I have less then 5 years but more then 4 it is hard to work out a reliable figure.

Any help would be appreciated.

Thanks

CLAPTON

exact is difficult but you could do worse that consider 490 per month as a reasonable estimate

Robisere

Why not ask NW? I have been with them for years, they are very good at helping customers and have always given me any information I need, usually very quick to respond.

DavidDebt

Overpaying by £365 per month (so £572) from this month will pay off the loan by Oct 2013. The final months overpayment will be less than this. But just before Oct 2013 you can find out the outstanding loan amount and clear this exact amount in Oct 2013.

Please make sure your overpayments are being put towards decreasing the loan term and not reducing contracted payments which you want to stay static at £207pm (my calculation assumes this)

Hope the above helps.

Cheers,

David

james112012

Thanks David,

I will amend my standing order for this amount. Thanks for your help.

Robisere: I did ask nationwide and they said they can not tell me a figure.