Overpayment not allowed... are you kidding me!!

Ali_Netball

Hi my boyf cant afford to pay the total settlement amount at ths time for his loan £14000 (12000 to settle now) we have asked in writing whether overpayments can be made when financiallypossible but they have said no!!!!

:mad: They dont want him to help himself!!! They should be rewarding this attitude!!!

We want to get him out of debt as quick as poss to get a house in the near future... any ideas how to get them to back down???

Help

danielle24

My boyf wanted to make overpayments on his loan but can't - his solution is to put the extra money into a high interest savings account for the time being , adding to it as much as possible. By doing so in about a year's time he will have enough to pay it off in full.

Lavendyr

Have you checked the small print on the agreement documents, Ali? It probably says in there something about whether he is allowed to make overpayments or not. Many loans do not allow overpayments, because it means that the company loses out on the money they can gain from your boyfriend in interest on the loan.