Lloyds TSB loan early repayment fee

loralora

Hi, We have a loan with TSB which currently has £10,700 remaining, however we came into some money from family and are in the position to be able to pay off this now. I see there is the early resettlement amount of 58 days of interest which could be a couple of hundred on this amount. However looking on some other threads it seems it might be possible to avoid this payment, however the threads have been 9 years old and I dont know if the banking system has changed.


If I was to make an overpayment of £10,700 less one months direct debit, and then wait for nexts month DD to settle the loan would this help me avoid the fee?


Thank you in advance :T

[Deleted User]

It depends on whether they charge early settlement on all overpayments.

Ask them (or check your terms).

foxy-stoat

loralora wrote: »

I dont know if the banking system has changed.T

Its not the banking system its what your credit agreement states.