Reducing the term on Natwest Loan

Cluckers21

I just rang up Natwest to enquire as to how much of an overpayment i would need to make in order to reduce my term by 8 months but keep my existing payments the same.

I was told they couldnt do it, i could make an over payment but it would only reduce the monthly amount not the term.

Im pretty certain in my T's and C's that it states i could do either.

Has anyone else had this problem? i want to reduce the term NOT the monthly amounts...surely there must be a way to do this?

Thanks!

xx

stephane_2

I might be wrong....but I think Natwest is wrong here....when you are making overpayments then you are reducing the term of the loan and not the monthly repayment....might be good to call them again and confirm.

AFK_Matrix

I would be digging those T&C's up if I were you. When you find the right part of the T&C's phone them up again and then quote the relevant part to them.

jonesMUFCforever

I think Nat West are wrong too.
This is the whole point of having CCA's

If you overpay your monthly payments stay the same but the interest that would be charged is less hence reducing the term of the loan.

Whilst I would not think they would be able to work out your specific sum they should certainly handed this much better.

stclair

What type of loan do you have?

http://www.natwest.com/personal/loans/g1/already/service-options.ashx

Cluckers21

Just as personal ..

I was hoping to make enough over payments to knock off a yr of the term but apparently I can't