Problem solved now.

[Deleted User]

Decided what to do, thank you.

rolls99

Rough guesstimate 27-ish% in charges for settling early?

(and then your £52 charge on top).

It will all be in the detail of your loan - if you've been quoted settlement figures, the only way you would be able to reduce the charges is to either 1) Stash the money you would use to pay the loans off, and pay the DDs from that - this means the loans will run their course but you won't pay charges for overpaying/settling or 2) Phone again, and ask for a reduction in charges as you're paying off.

Or - bite the bullet, take the hit in charges and at least you don't have the payments to make for another four years!

Good luck!

[Deleted User]

purpleposting4 wrote: »

Also, by paying off the loans early, does this help credit scores?

Managing debts properly well reflects well on your report. But that can be paying them off, or maintaining the agreed payments.

It may open up new options as affordability would look better. On the flip side, if your report is empty of credit lines after that point, then that can count against you as time goes by.

But whether it changes your score is neither here nor there.