TSB Loan

mmcmahon

Hi

i was looking for some advice on paying off a TSB loan that I have.

The original amount was £10,000 (over 48 months) and I pay £254.39 per month.

When I look now it says current balance = -£1,077.70 with 5 months left to pay.

5 payments would cost me £1,271.95 so I'm unsure where that current balance is coming from (interest is now down to about £10 a month according to statement)

I know that I can pay off additional amounts but would incur an early redemption fee if I pay it all off, so would pay maybe £1000 and then let it work itself out, just usure why the two figures don't tally.

Any ideas?

johndawgylt

mmcmahon wrote: »

Hi

i was looking for some advice on paying off a TSB loan that I have.

The original amount was £10,000 (over 48 months) and I pay £254.39 per month.

When I look now it says current balance = -£1,077.70 with 5 months left to pay.

5 payments would cost me £1,271.95 so I'm unsure where that current balance is coming from (interest is now down to about £10 a month according to statement)

I know that I can pay off additional amounts but would incur an early redemption fee if I pay it all off, so would pay maybe £1000 and then let it work itself out, just usure why the two figures don't tally.

Any ideas?

Contact your bank and get them to walk through the figures and payments

jayjay21

Have you made any overpayments during the term what so ever? Even something small. I don't think it knocks it off the payments left to go, so I imagine you have four and a half payments remaining. Just pay off £1000 and let it bring itself down, you might want to contact TSB as the last payment could potentially put the loan account into credit.

27col

hadiaali wrote: »

An ever increasing number of Britons are looking to make improvements to their property.????[/QUOTE
If you have something useful to say about this thread, then say it. If not, then start your own thread. It looks very like the start of spam.

jonesMUFCforever

mmcmahon wrote: »

Hi

i was looking for some advice on paying off a TSB loan that I have.

The original amount was £10,000 (over 48 months) and I pay £254.39 per month.

When I look now it says current balance = -£1,077.70 with 5 months left to pay.

5 payments would cost me £1,271.95 so I'm unsure where that current balance is coming from (interest is now down to about £10 a month according to statement)

I know that I can pay off additional amounts but would incur an early redemption fee if I pay it all off, so would pay maybe £1000 and then let it work itself out, just usure why the two figures don't tally.

Any ideas?

You owe £1077 today plus one month's interest then subtract your monthly payment - do this 5 times and the loan will be repaid.