Partial Early Repayment of CDL

Dan_L_2

Hey guys,

I am looking at making a partial early repayment of my career development loan with the co-op. My problem is however, more than 5 weeks a go I requested (by calling up) a figure based on my intended amount to repay, they stated that I would receive the sum to be payed via the post.

However, two weeks later I'd not heard anything so I called the bank up, to be told they have yet to deal with my request, so I ask them again to send me out a figure for repayment (ss they have said I can only repay by cheque). A week later I've still not heard anything, I then send in a written request and till this day I have yet to hear back from the bank.

What are my rights with regards to making an early repayment, as the bank is taking a long time to deal with a request for partial early repayment 2 phone calls and a latter in a 5 week period.

Thanks,

Dan

Tixy

To clarify - are you just intending to pay a lump sum off the debt and leave the remaining amount to be paid off by your DD?

So what exactly have you asked them for then? obviously not a settlement figure. Are you asking them how much would be left on the loan after you've paid off X amount? or asking them how the remaining loan would be restructured/repaid following a certain size lump sum?

Dan_L_2

Correct, I am looking to make a lump some repayment off my CDL (50%), and continue paying the rest by standing order.

To make an early partial repayment off a CDL you need to notify the Co-Op who then send out a repayment figure plus interest and then you make a repayment via cheque. And it is this figure I have asked for, for the past 5 weeks to no avail. Thus why I am asking what are my rights with regards to making payment and if they are able to stall me for so long.

jonesMUFCforever

Why not send them the cheque for the amount you can afford and requesting confirmation by return of post?

Dan_L_2

I ask that, they told me they would refuse it as they need to "calculate" interest and will not tell me what interest that may be until I get a partial repayment letter. Very frustrating.