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Need help settling a loan
Tryingtomoveout
Posts: 99 Forumite
in Loans
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.
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.
0
Comments
-
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.0
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