Lloyds loan to settle

rachaelsmith82

Hi ,

I have been searching threads trying to find the best way to pay off my loan without incurring settlement charges . I have a DD due out after 27th of this month for £335 .

I see on other threads people say to pay total amount minus dd amount .

Would the total amount showing as outstanding be on my online banking? As my loan is on there with a figure of approx £11,000.

I would call lloyds to get figure but am a little apprehensive too as I am sure i read somewhere if they give you settlement fee amount (even verbally ) then you are unable to do the work around to avoid early setlement charges .

Ideally it would be great if i could just pay off total minus dd amount and let payment on or after 27th to go through as normal - just not sure if this is correct process?

Also - I am sure i read somewhere you can pay off lump sum on online banking? Is this correct ?

Thanks in advance !

[Deleted User]

it may depend on if you are allowed to make one of payments with no penalty

rachaelsmith82

thanks for reply . looking at my documents i think i am......

Does anyone know if i can pay overpayment through online banking?


Thanks

bowlhead99

In theory you could make a one-off payment to the account through online banking using the sort code and account number and reference number on the letter or other document they gave you when approviing the loan. However I couldn't set up a manual online banking 'pay another person' payment as it recognised it as being a special account that I should set up as a 'bill payment' ; but I couldn't get the exact right account from the bill payment dropdowns. I just phoned them up and made the extra payment with a debit card (which I did a few different months).

If you are looking at exactly how much to pay off to clear it, you could always try just paying 10500 now and let the rest get cleared through the next couple of direct debits, as the interest on your vastly reduced balance will be a relative pittance over the next couple or months.