Paying off Lloyds TSB loan early - advice please!

Rubajoni

Hi all

I currently owe TSB £3,172.21 and £1,378.25 on two separate loans, rang them several days ago for settlement figures and was quoted £3218.53 and £1429.23 respectively.

Reading the responses previously given am i right in paying £2868.99 and £1303.50 (minus 1 months DD on each) to negate their extortionist charges or will they still try and charge me interest?

Cheers for any replies and apologies if i'm repeating the same question as others may have posted

Jon

jonesMUFCforever

Lump sum repayments are free of charge, because you over pay the interest charged on the balance will be reduced and the ESF will be negligible if anything by doing this.

killico69

could someone plzzzz enlighten me as to how you go about making an overpayment on a tsb loan thanku.

jonesMUFCforever

Go in branch with your debit card - they will find your loan account from that and pay as much as you like.
I don't think their internet banking allows you to do it online yet.

keystone

jonesMUFCforever wrote: »

I don't think their internet banking allows you to do it online yet.

Yes it does. You just set them up as a recipient of an internet banking payment with their sort code, account number and your loan account number as reference then just make a payment as you would any other. Been doing it for the past two years. At first it made you wait a working day before the money was in their account but now (for me anyway but I complained on the grounds that it was all within the LTSB Group as I bank with them) it treats it as an FPO and the cash is in their account instantly at best but within 2 hours at worst.

Cheers

jonesMUFCforever

Would you help the OP then by stating what the sort code and account number is?
He then will only need to add his loan number as reference.

Sparx

jonesMUFCforever wrote: »

Would you help the OP then by stating what the sort code and account number is?
He then will only need to add his loan number as reference.

Sorry to bump this thread I know it is a few months old, but I would be interested in this information as I have a small loan with LTSB I would like to pay off early and avoid the Early Settlement Charges..

I have my loan reference which I can see from my Online banking. However I have no idea what account number and sort code to use to set-up a new recipient to make an overpayment?

Thanks

AdamJK_2

When I paid mine off I just rang Lloyds and asked the advisor for the maximum amount I could overpay without penalty, paid it with debit card then just left the direct debit to take care of the remainder.

Lomast

when i make over payments on mine i use
Sort Code 77-77-90,
Account number: 90000468

With my loan number as reference.

If you phone Lloyds and say you want to make an overpayment online they can confirm the sort code and account number. they were very helpful when i spoke to them

ukalltheway88

Hi everyone.

I took a Lloyds TSB Graduate Loan out for £10k on the 25th June. It includes a 3 month payment holiday with the first repayment due on the 24th October 2012 for £205 and will continue monthly on the 24th.

In mid November I will have the funds to completely pay off the loan. On what date and how much should I pay to incur the least early settlement charges.

Thanks in advance

Chris