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Paying loan off early... or not...
Hi There, I have a loan with A&L and before Christmas I was thinking about paying it off (around £3500).. But after reading around it seems that some of the early settlement fess are pretty high so what I was thinking is, open another account, put the current balance into it (£3500) and set the direct debit up for that account to be paying the loan off and let it run its course.. At the end, whatever is left over from the interest is mine..? Would there be any down sides to doing this?
Thanks
Thanks
0
Comments
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it depends
what is the settlement figure?
how much are you paying each month
how many payments are left to pay0 -
you should get a rebate on any of the remaining interest0
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