How do I make overpayments on LTSB loan?

dollydoodah

Just bumping this up as I have a quick question to anyone who has done this or might know.

If I make overpayments, is there someway of seeing these online or is it just a case of making a note of the balance and checking it reduces? On my loan screen, I can't see the payments that have been made as such, just the outstanding amount, when the next one is due etc.

Thanks

jonesMUFCforever

You can only view the balance as at today's date (or whenever you log on) so IMO it would be a good idea to make a note of the balance before the overpayment and waiting a day or so to make sure it reduces.
There is no statement facility for loans on their website.

dollydoodah

jonesMUFCforever wrote: »

You can only view the balance as at today's date (or whenever you log on) so IMO it would be a good idea to make a note of the balance before the overpayment and waiting a day or so to make sure it reduces.
There is no statement facility for loans on their website.

I thought that was the case, I just wondered if it would change if additional payments were made. Thanks for your help.

chiefdave

i took out a 15K loan to finance a venture I was setting up (the personal loan rate i was offered was a lot lower than the business rate). This was only a few months back so the balance on the loan is around 13.5K. I have 7K i want to pay off on it. If i make that as an overpayment what happens then? do my montly repayments come out for the same amount every month but now on a shorter term or does the monthly payment go down and the loan still last for the same term. Would I be better off speaking to the bank and getting the whole loan paid off with a new loan for 6.5K?

jonesMUFCforever

chiefdave wrote: »

i took out a 15K loan to finance a venture I was setting up (the personal loan rate i was offered was a lot lower than the business rate). This was only a few months back so the balance on the loan is around 13.5K. I have 7K i want to pay off on it. If i make that as an overpayment what happens then? do my montly repayments come out for the same amount every month but now on a shorter term or does the monthly payment go down and the loan still last for the same term. Would I be better off speaking to the bank and getting the whole loan paid off with a new loan for 6.5K?

If you make the overpayment - then your monthly repayment will stay the same but you save massive amounts of interest and repay many many months before the old loan is due to be paid off.

I very much doubt if you could get the same rate for £6.5k on a new loan in today's markets.

chiefdave

jonesMUFCforever wrote: »

If you make the overpayment - then your monthly repayment will stay the same but you save massive amounts of interest and repay many many months before the old loan is due to be paid off.

I very much doubt if you could get the same rate for £6.5k on a new loan in today's markets.

cheers, think i'll pay a proportional amount off both and then set up a couple of standin orders to pay back some extra every month

jonesMUFCforever

You'l need to contact the Personal Loan centre in Peterlee to obtain the sort code and account number (your reference will be you loan number) to do this.
Lots of people do it over the counter.

Fluffykins

My son is having an awful time with Lloyds.

Letters sent to him at an old address which he formally changed in writing on the bank's form months before.

Being told to make the cheque payable to one account name, only to have the cheque returned with instruciton to make it payable to another account.

Telephone harrassment to a phone number that the subscriber confirmed was not valid for the person being called - many, many times.

Sums outstanding mysteriously going up and down.

The bank loosing a letter and cheque placed in their secure deposit box.

Refusing to confirm telephone discussions in writing.

Refusing to provide a snail mail address for the specific department so he could put his understanding in writing.

On the basis of what I witnessed, I have cut up my Lloyds credit card. The risk of having any of my financial dealings going through their hands was simply far too great.

I'm just eternally grateful I do NOT bank with that shower.

Dandydon83

Apologies for digging up an old thread but I just discovered this & I want to make overpayments on my Ltsb loan online.
Can anybody confirm if the sort code & account number given by mrmajika worked?
Thanks

nbinblack

Yes it does work, when I initially set it up I missed a zero and it bounced back to my account, but once set up correctly I have been able to trickle feed off my loan.