Need help settling a loan

Tryingtomoveout

Hi


So I want to settle a loan with nationwide.


I called them up and was given a settlement figure of £723.
However, I worked out my remaining balance to be approximately £620, so they've added some charges on there.


I've seen people suggesting to overpay a significant amount and then just let the loan run its course, to save on charges. So, say I made an overpayment of £550, should I then call them the next day and pay of the remainder, or would I need to just leave it and let it run its course (but then surely the DD would take too much money?)


I'm just checking I have understood the above process correctly really. Has anyone else done this with a nationwide loan?


Thanks.

jonesMUFCforever

What is your monthly repayment?
Pay off enough only to leave this payment.
Do not cancel the D/D.
Next month they will take one payment to cover residual interest but most will be refunded - this way you avoid any early settlement fees.