TSB Early Repayment Charges

th1978

Hi,

I currently have a personal loan with TSB, they are wanting to charge me 58 days interest on my loan if I repay the entire amount early. Which to be brutally honest with their customer service level over the last few months I am rather peeved at.

I have been reading and wondering if anyone has had any experience of making an early repayment less say £10 the overall amount.

For example:

£20,000.00 outstanding
I would make a payment of £19,990.00

Leaving £10, I would then request a settlement figure and be charged 58 days interest on the £10.00 rather than the 20k which they are trying to charge me now.

I'll welcome any advice/experiences.

Thank you

Clive_Woody

th1978 wrote: »

Hi,

I currently have a personal loan with TSB, they are wanting to charge me 58 days interest on my loan if I repay the entire amount early. Which to be brutally honest with their customer service level over the last few months I am rather peeved at.

I have been reading and wondering if anyone has had any experience of making an early repayment less say £10 the overall amount.

For example:

£20,000.00 outstanding
I would make a payment of £19,990.00

Leaving £10, I would then request a settlement figure and be charged 58 days interest on the £10.00 rather than the 20k which they are trying to charge me now.

I'll welcome any advice/experiences.

Thank you

This is the advised way of doing it and from what I understand perfectly in keeping with T&Cs :money:

Penelopa.Pitstop

Just pay off most of it and then rest will be taken by direct debit. No early repayment charge. Don't request settlement quote before big payment, otherwise they will charge you with interest anyway.

foxy-stoat

If you read your credit agreement that you signed, you will see the early settlement charges - you need to see if they charge you for overpayments in the same way. If they do then they will charge you 58 days interest on the amount you overpay.

jonesMUFCforever

When it was Lloyds TSB this solution worked fine - no problems.
So if your loan is a legacy of this you will be fine.
If it is a TSB branded loan you need to check the T&C's.