Took too much money out!

Boomer17

Hi

I need some advice please, I took out a loan of £8600
To pay my credit card of £2488.75 off, Hmrc debt of £648.60 and my partners tax bill which at the time we thought it was £5554.63 but turns out it was £3703.09. (Error with accountant).

What do I do with the extra £1759.56 of the loan? Will the bank take it back?

The loans over 4years at 4.9% Apr. I know it's good news the tax bill wasn't as high as originally thought but it's a pain I took out so much! Or do I just put it in the savings account?

glentoran99

Vegas? all on black?

[Deleted User]

Pay it off the loan?

~Brock~

You have the right to partially settle the agreement which means you make the payment back into your loan as a lump sum and the lender, in return, calculated a partial interest rebate and applies that to the loan also.

You therefore get the benefit of only paying interest on the amount left over.

The lender must give you a statement as to the effect of this partial settlement. It will either result in a lower monthly payment over the original term or the same monthly repayment over a shorter term (their choice).

See section 97A of the Consumer Credit Act 1974.

curty510

glentoran99 wrote: »

Vegas? all on black?

nah, Red.......

27cool

Use it to pay down the loan.as Brock says. You won't be getting 4.9% interest if it's in a savings account.

PeacefulWaters

curty510 wrote: »

nah, Red.......

Double green.

jonesMUFCforever

Odd or evens!

bobcat2

PeacefulWaters wrote: »

Double green.

Why does anyone ever play American roulette??!

nomoneytoday

In order to pay the American casino double that of a European House?


I'd ask the lender to do an overpayment for the £1800, and reduce the debt