Front Loaded Loan Overpayments

Insto_

I recently made an overpayment on my loan with First Direct. I thought I would see the value of the overpayment and an additional interest saving come off my loan balance but this wasn't the case. I contacted first direct and was told that as the loan is front loaded I will only pay off the loan with less payments and not actually save any money unless the load was cleared in full. 

If this is the case I wouldn't of made the overpayment in the first place.

Does this sound correct? Cheers

MorningcoffeeIV

No.  The loan isn't front loaded.

You'll pay less interest as the balance is now lower. Your overpayment comes off the capital.

Insto_

MorningcoffeeIV said:

No.  The loan isn't front loaded.

You'll pay less interest as the balance is now lower. Your overpayment comes off the capital.

Thanks for this, the balance hasn't come down on my app, is it just a case of waiting for a new statement to be produced? 

I wasn't getting anywhere on the phone with them earlier

Nearlyold

How long ago is "recently"?