How do I make overpayments on LTSB loan?

barrowfordred

Completely confused now. My web statement shows my remaining loan figure at approximately the remaining number of months multiplied by my usual monthly repayment, give or take a few quid.
The settlement figure I was quoted was slightly higher.
Monthly payments = £215.66
Remaining balance = £3439,24 with 16 payments left.
This says to me that all the interest was lumped on at the beginning and paying for instance £3000 off now will only shorten the length of the loan but not save any money???
I would look at my loan agreement if only I could find it. Loan taken out in July 2009. At 5% or so.

Dandydon83

I never did get around to setting this up! Is the overpayments penalty free?

Dandydon83

I tried making an extra payment through internet banking but it gave me an error message saying:

'We're sorry, but you can't designate a Lloyds TSB Personal Loan as a beneficiary. Please correct this and try again.'

Anybody else have this problem? I've tried simply changing the beneficiary name but this same message appears.
Thanks

coxy1072

Having read the previous posts i popped into my local Lloyds today to be told that the policy has changed recently, you can only overpay by standing order, the numbers they gave me for the loan account were, sort code 77-77-90 and the account number is 90000468. When overpaying you also need to provide your loan account number which will be used as a reference number by Lloyds.