Trying to pay off loan ASAP.

greenlightluke

Hi all,

updating my situation to get some advice. So last time I rang around a week or two ago, to fully pay my loan off it would cost £3,077 (this is including the interest)

My new, better loan of is to cover this cost - however am I right in say, that if I pay off for example £3,066 instead, would it work out better for me? Do I pay less interest? That kind of thing?

Any advice would be appreciated. Thank you

ch3101

greenlightluke wrote: »

Hi all,

updating my situation to get some advice. So last time I rang around a week or two ago, to fully pay my loan off it would cost £3,077 (this is including the interest)

My new, better loan of is to cover this cost - however am I right in say, that if I pay off for example £3,066 instead, would it work out better for me? Do I pay less interest? That kind of thing?

Any advice would be appreciated. Thank you

I assume that Halifax will only allow you to over pay without a fee up to 2 months so for instance if the early settlement fee is 2 months worth of interest, they won't let you pay £10 less that the settlement ammount.

Even if they did the savings would be tiny.

I'd reccommend you pay the loan off first thing tomorrow


Do it asap

greenlightluke

ch3101 wrote: »

I assume that Halifax will only allow you to over pay without a fee up to 2 months so for instance if the early settlement fee is 2 months worth of interest, they won't let you pay £10 less that the settlement ammount.

Even if they did the savings would be tiny.

I'd reccommend you pay the loan off first thing tomorrow


Do it asap

Okay, thank you for your reply!