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Best time of month to pay back loan in full?
glider3560
Posts: 4,115 Forumite
I've (rather unexpectedly) got to the point of having less than 2 years left on my student loan (plan 1). I'm expecting an offer of switching to direct debit soon, but the amount left is small enough I can pay it back in full.
What's the best way of going about this to ensure I don't overpay? I'm guessing if I pay the full balance at the start of a calendar month, that should be enough time for SLC to let HMRC know that they need to let my employer know not to deduct repayments anymore? Has anyone any recent experience of this?
What's the best way of going about this to ensure I don't overpay? I'm guessing if I pay the full balance at the start of a calendar month, that should be enough time for SLC to let HMRC know that they need to let my employer know not to deduct repayments anymore? Has anyone any recent experience of this?
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