Natwest professional loan

Breakfast16

Hello,

I as wondering if anyone could provide me with any help in relation to calculating interest payments on a loan?

I took out a Natwest Professional Loan in 2008 to fund the Legal Practice Course. I borrowed £18,000 over 10 years at 7.65% (possibly a bad decision... Interestingly natwest don't offer these loans anymore).

I currently pay £250 a month and the interest is added to the account quarterly. The last interest payment was about £300.

I'm hoping to be able to pay off my loan quicker than the ten year period as i hate having it hanging over me!

I was wondering if I pay an additional £100 a month how I would calculate the interest payments that would be added? How much quicker would I pay off the loan?

Thanks for any help!

Petite_Anglaise

Hello

I paid off one of these loans last year- asked for a final settlement amount and then paid it all off early as I had a small lump sum.
However, my loan amount was much less than yours.

Advise you to give them a call as they'll be able to calculate the interest etc.
However, a word of warning- NatWest have now withdrawn this loan and trying to find somebody who knew about these loans felt almost impossible.

I lost count of how many times I called up, the numbers I was given to call, also calling at the weekends they seemed not to be able to access the relevant systems. It was frustrating as it took me a while to get the final amount I needed to pay.

If you can, go back to the same branch/advisor where you originally took out the loan.

Good luck!