Personal Loan early repayment

babycakes1983

Hi
Does anybody know if this is still the case:
If a one off payment towards a personal loan is made and then you let the last direct debit payment go out naturally on a fixed sum loan agreement, you can avoid the early repayment charges?
Thanks in advance

Herzlos

I doubt it. It'll depend purely on the agreement you've made and probably relates to how long the loan has left to run or how big a percentage the overpayment is.

babycakes1983

Thanks Herzlos, its not an "official" way to get out of paying the early repayment charge. It used to be a way of avoiding it a few years ago and wanted to see if anybody knew if it was still viable to do today.

ch3101

The company I work for only allow you to make an overpayment of the exact amount that will leave 2 months of payments left so it is the exact same as paying off entirely, I assume most other companies are similar