Loan Settlement Fee

borich

I'm looking to pay off my loan today in full and online banking has provided me with the current breakdown.

Current loan: £16,216.12

Interest accrued: £119.67

Early settlement fee: £211.18

Total loan settlement: £16,546.97

If I was to pay off 16,200.12 and leave £16 on the account would the final direct debit but just for £16 and I would avoid early settlement fee?

If that doesn't work i'll just pay off the entire loan.

Tixy

You will owe the interest accrued figure whatever. What you may/should be able to save on is the early settlement fee.

If you do plan to leave a small balance, then depending on how soon the next DD is then it may be that they would end up taking the full DD but that you'd then be entitled to a refund.

borich

Ideal, ill do that. the DD is due on 5th January 2014. Saves me £211

Daybreak15

Hi.

I'm in a similar situation, did u get charged interest? Did u get a refund.


Thanks