We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
🔔 Today's the final day to apply to become an MSE Forum Ambassador
Partial Early Repayment of CDL
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
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
0
Comments
-
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?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
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.0 -
Why not send them the cheque for the amount you can afford and requesting confirmation by return of post?0
-
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.8K Banking & Borrowing
- 252.3K Reduce Debt & Boost Income
- 452.6K Spending & Discounts
- 241.6K Work, Benefits & Business
- 618.2K Mortgages, Homes & Bills
- 175.9K Life & Family
- 254.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards