Nationwide Loan Early Settlement

dane_b

Good Evening,

I got a 8k loan out with nationwide last April. It was a 3 year loan 8%. I have been overpaying my loan every month to clear it as I have found myself in a better paid job. I currently have 560 left and the monthly DD is 250. I want to clear it this month.

What is the best way of clearing this. Shall I overpay leaving the DD amount or should I leave a pound above this then request early settlement fee. I want to clear it as I am currently in process of getting a mortgage.

Many thanks

Nearlyold

Any early settlement charge is a max of 2 months interest or 1 month interest if the loan has less than 12 months to run. The most you could be charged on a current balance of £560 is £7.46. Not all lenders charge a fee have you asked Nationwide if they charge?

bengalknights

I would part pay and leave the final amount to be taken by DD thus missing off the settlement charge