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Loan Repayment & Interest Querie HSBC

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  • dgraffham
    dgraffham Posts: 15 Forumite
    Fifth Anniversary 10 Posts Combo Breaker
    Thanks!

    I'll get in touch again, and just double check with them.
  • 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.
  • 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.
    Finally dealing with debt: 01.01.2015 -£10,562.:(
    01.02.15-£8820 01.03.15-£8066 01.04.15 £7036 01.05.2015- 6128 01.06.15 £4957

    Pay ALL your debt off by Xmas 2015! #59- £5605/[STRIKE]£10,562[/STRIKE] 53%
    2015: Sell £1000 #69 £510.97/1000
    Virtual sealed pot challenge #24 £32.19/£300
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