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Advise needed!

Doos
Doos Posts: 1 Newbie
in Loans
Hi all, I have a loan with tesco bank that I took out over 4 years a year ago. A family member has just passed away and left me some money and I'd like to pay off the loan. Is there any way I can avoid the early repayment charges?Many thanks in advance

Comments

  • ch3101
    ch3101 Posts: 296 Forumite
    Due to the age of the loan, you wouldn't get a rebate of interest for paying off say 95% of the loan so that you'd only pay the settlement charge in 5%.

    Hence you'll most likely need to pay 2 months worth of interest although it will be saving you a hell of a lot more anyway...
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