Overpayments??

angel31572

chevalier wrote: »

The thing with loans is it depends on what type it is. Some loans have all the interest you will pay for the life of the loan loaded on at the beginning of the loan term. So even if you overpay you won't pay any less interest. On others the interest is worked out daily so overpaying would work.
Sorry to put a downer on your idea
chev

Doesn't put a downer on it. I'll just ask what type of interest I'm paying. when I asked them the other day if I could overpay they said it would be fine to do so but didn't let on that it woldn't make a difference so you never know!

angel31572

angel31572 wrote: »

Hi all

I read something very briefly a few weeks back about making overpayments on loans each month.

How much of a difference can this make and does anyone have a story to tell? Thanks....

Any other stories..?