Loan overpayments

acemodder

Hi

I have a loan with Santander, and my online banking shows that a sort-code and account number is assigned to it.

If I want to make over payments can I just do an online bank transfer using this account number and sort code like if I was paying a friend for something?

T9090H

Yes just use the sort code and account number to send a faster payment. Notify them first because they may consider it as an advanced payment for next months DD. Tell them your payments are to reduce the term.

bengalknights

As T9090 states best to tell them in advance that its a overpayment unless the payment is more than your monthly amount

Dobbibill

You may need to put the loan account number as a reference on the faster payment so may be worth checking with them when you tell them about the overpayment.

engineer_amy

I had a Santander loan and frequently made overpayments. If I was paying from my ulsterbank account I just made an online transfer using the sort code and account number shown on the online banking. Santander would then phone me within a few days to ask if I wanted to reduce the payments or the term. I needed to enter my surname and the loan account number (which was the same as the bank account number I was paying to) in the reference field

If I was paying from my Santander current account, I would just ring them, they were able to do an internal transfer over the phone and ask all the questions that were relevant at the time.


I really like the way Santander show their loans online, its so transparent, all the info shown and you see the payments coming off instantly.

PixelPound

I phoned them last week because the FAQ on the website seemed to say overpayments would be returned. They did confirm overpayments can be made by phoning them - I no longer have a 123 account otherwise they could have done an internal transfer. Maybe I need to call back and confirm about using the sort code and account number route. Would be easier if I just want to push a couple hundred across on months I have it spare.

Nebulous2

You need to phone the loans number to discuss first. Not available on Sunday, but they are open every other day.