TSB Early Repayment Charges

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th1978
th1978 Posts: 1 Newbie
in Loans
Hi,

I currently have a personal loan with TSB, they are wanting to charge me 58 days interest on my loan if I repay the entire amount early. Which to be brutally honest with their customer service level over the last few months I am rather peeved at.

I have been reading and wondering if anyone has had any experience of making an early repayment less say £10 the overall amount.

For example:

£20,000.00 outstanding
I would make a payment of £19,990.00

Leaving £10, I would then request a settlement figure and be charged 58 days interest on the £10.00 rather than the 20k which they are trying to charge me now.

I'll welcome any advice/experiences.

Thank you

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  • Clive_Woody
    Clive_Woody Posts: 5,855 Forumite
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    th1978 wrote: »
    Hi,

    I currently have a personal loan with TSB, they are wanting to charge me 58 days interest on my loan if I repay the entire amount early. Which to be brutally honest with their customer service level over the last few months I am rather peeved at.

    I have been reading and wondering if anyone has had any experience of making an early repayment less say £10 the overall amount.

    For example:

    £20,000.00 outstanding
    I would make a payment of £19,990.00

    Leaving £10, I would then request a settlement figure and be charged 58 days interest on the £10.00 rather than the 20k which they are trying to charge me now.

    I'll welcome any advice/experiences.

    Thank you
    This is the advised way of doing it and from what I understand perfectly in keeping with T&Cs :money:
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • Penelopa.Pitstop
    Penelopa.Pitstop Posts: 1,145 Forumite
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    Just pay off most of it and then rest will be taken by direct debit. No early repayment charge. Don't request settlement quote before big payment, otherwise they will charge you with interest anyway.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    If you read your credit agreement that you signed, you will see the early settlement charges - you need to see if they charge you for overpayments in the same way. If they do then they will charge you 58 days interest on the amount you overpay.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    When it was Lloyds TSB this solution worked fine - no problems.
    So if your loan is a legacy of this you will be fine.
    If it is a TSB branded loan you need to check the T&C's.
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