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Personal Loan early repayment
babycakes1983
Posts: 2 Newbie
in Loans
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
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
0
Comments
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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.0
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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.0
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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 similar0
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