HSBC - Loan Help

ratrace

Evening all

looking for some help on a hsbc loan i have just taken out here are the details

Original Loan ammont - £8,000 for 60 months @ 15.9% ( i know its high) £188 per month

Total payable if i run the loan for the full 60 months is £11,260 approx

which means the interest is £3,400 approx ( which is silly and a lot)

so my question is i can afford to pay approx £500 - £1,000 per month overpayment which i assume will reduce the time it takes to pay it off plus save a load of interest as a result

when i log on i to my hsbc banking app i can see in the loan section that i have (-£11,260)

i have not made any payments yet as its a new loan, so if a was to pay £1,000 straight away off the loan in the next few days would the re calculate the (-£11,260) figure to reflect the saving in the interest or would it just say (-£10,260)

i did call hsbc today but the chap i spoke to was not very clear plus i had to end the call as my break had finished

also how should i make my overpayments should i call them each time or shall i just transfer from my current account

thanks for all your help in advance

Hoenir

Would be £7,000. Interest will be calculated on the daily balance and charged once a month in arrears.