Loan Repayment & Interest Querie HSBC

dgraffham

Thanks!

I'll get in touch again, and just double check with them.

stebaker80

I'm going through a similar problem with HSBC. I am half way throgh a 5 year loan, with £10,423 left to pay. I recently was awarded £4,000 from a PPI claim and wanted to make an over payment of £4,000, which would make my outstanding balance £6,423. I currently pay £325 a month fixed payment. On my calculation, I calculated that I would lower the term from 30 months left to 19 months, which I would believe would result in a intrest saving. When I called the bank I was told there would not be any recalculation saving in interest unless I paid the remaining balance in full and not on a one off overpayment. Surly this is not correct, as like you thought what is the point of making an overpayment.

Kittycat1981

Every time i make an overpayment (a few times a month) on my TSB loan i get a letter thanking me for the overpayment and also telling me how much interest i have saved over the term of the loan and how many months the loan has reduced by.

Our monthly payments stay the same.