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Partial Early Repayment of CDL

Dan_L_2
Dan_L_2 Posts: 5 Forumite
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

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    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 give
    or "It costs nowt to be nice"
  • 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.
  • Why not send them the cheque for the amount you can afford and requesting confirmation by return of post?
  • 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.
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