Pages: [1]   Go Down
Print
Author Topic: Loans- Early Repayment  (Read 968 times)
Chubbs

Offline Offline

Posts: 10431





Ignore
« on: Friday, December 18, 2020, 13:58:25 »

I could probably call them and ask but wanted to check the wisdom the TEF before i did so.
I have around £7.5k left of a loan to pay off with Nationwide. Is there any like hood they will offer me a discount if i wanted to pay it off early?
Logged

tans
You spin me right round baby right round

Offline Offline

Posts: 21396





Ignore
« Reply #1 on: Friday, December 18, 2020, 14:01:16 »

Doubt it
Logged
Mister Lorenzo
Dirk Diggler

Offline Offline

Posts: 234





Ignore
« Reply #2 on: Friday, December 18, 2020, 14:12:29 »

I could probably call them and ask but wanted to check the wisdom the TEF before i did so.
I have around £7.5k left of a loan to pay off with Nationwide. Is there any like hood they will offer me a discount if i wanted to pay it off early?

Yes you will get a discount as you won't be paying all of the interest that you would do if you let the loan run it's full term.
Call them and ask for a settlement figure.
Logged
Berniman
Sits in front of JFW

Offline Offline

Posts: 7107


Loves it so much I came back!




Ignore
« Reply #3 on: Friday, December 18, 2020, 14:39:18 »

I could probably call them and ask but wanted to check the wisdom the TEF before i did so.
I have around £7.5k left of a loan to pay off with Nationwide. Is there any like hood they will offer me a discount if i wanted to pay it off early?

No.  In fact you need to make sure that there aren't any early payment penalties, but there usually aren't with loans.  As said, the discount is all of the interest you will have saved over the course of the loan
Logged

“Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.” ― Marcus Aurelius

When somebody shouts STOP! I never know if it's in the name of love, if it's HAMMER TIME, or if I should collaborate and listen...
4D
Or not 4D that is the question

Offline Offline

Posts: 15389


I am real




Ignore
« Reply #4 on: Friday, December 18, 2020, 14:55:49 »

Maybe.  Smiley
Logged
Samdy Gray
Dirty sneaky traitor weasel

Offline Offline

Posts: 26491





Ignore
« Reply #5 on: Friday, December 18, 2020, 14:57:08 »

Depends on the loan agreement. Some apply the interest for the whole of the term right at the start, so there might not be any saving. Check the wording and ask for a settlement figure.
Logged
mystical_goat

Offline Offline

Posts: 1101





Ignore
« Reply #6 on: Tuesday, January 12, 2021, 17:50:02 »

No.  In fact you need to make sure that there aren't any early payment penalties, but there usually aren't with loans.  As said, the discount is all of the interest you will have saved over the course of the loan

This
Logged
Formerly Drummer Boy

Offline Offline

Posts: 79




Ignore
« Reply #7 on: Tuesday, January 12, 2021, 23:47:00 »

It really depends on the terms and conditions of the loan. We're all frankly guessing to if there is a saving to be had or not based on previous experiences of different financial services but when I had a loan with Zopa, it was compound interest calculated applied month so each month, the interest calculated for the month got paid off first and the remaining payment deducted from the loan balance. The more I paid each month, the less interest was accrued each period.

If it's a fixed rate on a fixed term, then no but who knows. Give them a call like others have suggested Cheesy Good luck
Logged

I used to be that kid with the drum in the Nationwide and Town End - Be nice to me or I'll tell my Mum Smiley
Pages: [1]   Go Up
Print
Jump to: