Payback loan In Full???

Barsan

I took out a loan in March 2009 for 5 years and £10000 with monthly payments of £205.62.
With 12 months left i rang to get a figure to pay off the loan today in full and was told £2593.03 + £205.62 wich is due to go out tomorrrow. This to me seamed a very high figure?? I was wondering if anyone that knows more about this than me,(of which i know nothing) could please give me some advice. I have been looking at the forum and saw similar cases to mine and some were suggesting paying off nearly all of it?? Any suggestion would be really gratefull

Thank You

downhiller

Just cleared a loan with RBS that had about £5,700 on it. They charged us 58 days interest as an early repayment charge. I'm sure it was about £140 and our interest rate was about 11%

R_P_W

How much were you expecting it to be?

Barsan

Well my last statement i got was in Dec 2012 and it said i owed £3104.24 and i have made 4 payments of £205.62 since then so with not knowing alot about these things i thought it would be about £2400. Does anybody know what happens if i paid £2000 off would they split the remainder of my loan over the last 12 months? I have the money to pay it all it just seams alot to me and if i can save £100 for myself i would rather do that than give it to Santander
Thank You

R_P_W

surely the question should be....will it cost you less now to pay it all off than it would to let the loan run until the end? If it costs you less then pay it all off now