Pay of loan

cris25

Can anyone advise the best way to pay off a unsecured loan from M&S.
I've heard rumours that if you pay off all except a small amount (£100-£200) you can get around the fee's?
I have about 4 years left but I must pay it off for a mortgage application. I have the money in a savings account so don't need to find new credit.
Thanks

[Deleted User]

With most loans, you can reduce the size of the settlement fee by making a partial payment and leaving the final DD to pay the rest.

robber2

try it and see, you've nothing to lose.

good luck

rob

DCFC79

cris25 wrote: »

Can anyone advise the best way to pay off a unsecured loan from M&S.
I've heard rumours that if you pay off all except a small amount (£100-£200) you can get around the fee's?
I have about 4 years left but I must pay it off for a mortgage application. I have the money in a savings account so don't need to find new credit.
Thanks

What does your agreement say ?

cris25

Sorry to all those who kindly replied. I am new to this forum and the main log-in showed 'no replies' so its only today that I clicked further and noticed your replies.

So if say the amount left was £5000 and the payments were £200 I could pay off £4800 and not incur charges?
Thanks

DCFC79

cris25 wrote: »

Sorry to all those who kindly replied. I am new to this forum and the main log-in showed 'no replies' so its only today that I clicked further and noticed your replies.

So if say the amount left was £5000 and the payments were £200 I could pay off £4800 and not incur charges?
Thanks

You could but what as I said earlier, what does your agrrement say about making a one payment payment or a lu p sum payment.