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HSBC Loan Overpayment Issue
Comments
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I made overpayments on an HSBC loan.
There was no reduction in the amounts I paid for the loan, however after I made the last payment to clear the FULL balance of the loan and total interest I received a cheque for the overpaid interest.0 -
Btw, if you're an advance customer, you get 10% refund of interest in some cases at the end of the loan, not clear if a prepayment kills that option off.
Peter
I believe that prepayment does stop the refund, I'm sure the wording refers to making the monthly payments for entire period of the loan.0
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