Early Repayment of Halifax Loan

carcuscrae

Hi

I have a Halifax loan that i'd like to settle early, however, if I do i'll be charged 58 days interest.

Now i've read on the forum about other companies loans that you can make an overpayment on the loan, leave a small amount left to pay, let this be collected by DD and you end up avoiding this charge. I've read my T&C's and can confirm that it states there is no charge for overpayments.

So my 2 questions are, has anyone done this with a Halifax loan and can confirm this method works successfully and secondly, can you tell me how to work out how much I should pay off to make sure I leave a small amount to be collected by the last DD?

Many Thanks

[Deleted User]

1 yes
2 any amount as long as the remainder is <= the DD amount.

carcuscrae

Deleted_User wrote: »

1 yes
2 any amount as long as the remainder is <= the DD amount.

Thanks for the answers, so can you confirm you have done this successfully yourself?

Also you say leave an amount <= the DD amount but how do I work out what to repay as the figure quoted as the balance on my online banking is less than the settlement figure that they have sent me. So do I just take my DD amount off the online figure or the settlement figure to leave me with an amount still to collect? I assume its the online figure I use but would just like clarification please?

Thanks