Quick loan question.

hazzie123

Can I be cheeky with the bank and ask them if they will give me any discount on my £13,500 remaining balance on my loan if I pay the lot off in one go?

The original loan was for £12,000 but I`ve been paying it for nearly three years now and still owe £13,500,so obviously the payments were paying a heap of interest.

Please dont stone me and get the Voodoo dolls out,it`s just a thought.

thorpe1

Normally if you ring your lender they knock of the intrest for the remaining time of the loan, I have a loan with Natwest and I rang them for a settlement figure and although the loan is still showing a balance of £8528 they told me if I paid it off that day it would be £7250?? Worth a try anyway eh, they can either say yes or no.

x_raphael_xx

thorpe1 wrote: »

Normally if you ring your lender they knock of the intrest for the remaining time of the loan, I have a loan with Natwest and I rang them for a settlement figure and although the loan is still showing a balance of £8528 they told me if I paid it off that day it would be £7250?? Worth a try anyway eh, they can either say yes or no.

Then I'd be cheeky and ask for it to be lower, I owe £707.04 on my Bank of Scotland account. My settlement figure is £604.32 (waiting on confirmation letter) but I am going to offer them £525 final payment and see what they say!

jonesMUFCforever

Looking at your sig - if you have any spare money then you would be better off paying off the highest rate debt first ie HFC.

jamesd

haie123, they don't want you to pay it all off in one go so you aren't going to get a discount.

It is worth asking them to explain why the balance is as it is.

x_raphael_xx

ejones999 wrote: »

Looking at your sig - if you have any spare money then you would be better off paying off the highest rate debt first ie HFC.

Yes, but I have raised the cash to pay BoS off in one go, if I waited til I paid HFC of then it will be finished anyway (they're all fixed payments so any extra would just come off the next months.

I am going to tackle HFC 1 when BoS paid off, as I will use what would have gone to BoS as extra!

I know what I'm doing, I have thought & talked it thru!

(Thanks for your advice thou)

hazzie123

Thanks for the replies,very helpful.

I will be asking for a discount when I pay it off in full,if I dont get it I dont get it,if I do thats a bonus.

jonesMUFCforever

If you do ask for a discount and get one it won't make your credit files pretty to look at.
You do know that don't you.

You get nothing for nothing in this world.

inmypocketnottheirs

ejones999 wrote: »

If you do ask for a discount and get one it won't make your credit files pretty to look at.
You do know that don't you.

You get nothing for nothing in this world.

How do you work that out?

jonesMUFCforever

inmypocketnottheirs wrote: »

How do you work that out?

It will be marked as part written off to alert other lenders.

x_raphael_xx

ejones999 wrote: »

It will be marked as part written off to alert other lenders.

I'll check this with them before I go ahead then!