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[quote][i]Originally posted by A2H GO[/i] [quote][i]Originally posted by Ian W[/i] From my experience no company allows overpayments. I took out a Sainsburys loan in the summer to buy a new car. I cleared the loan once I sold my old car (can't get to work without a car so this was the only option). Early repayment fee was 1 months interest. [Edited on 27-12-2010 by Ian W] [/quote] Overpayments are different to settling early. I would imagine most providers charge for early settlement. Very few charge for overpaying. By paying £1000 off a £5000 loan, you are making an overpayment, not settling the balance. Also the early settlement charge is sometimes a % of the payment made to settle the loan, as mentioned earlier. My NatWest is 10% of the amount settled. If owed £5000 and settled the full £5000 I would be charged £500. If I overpay by £4999 leaving £1. Then paid off the £1 in a separate transaction I would be charged 10p. [/quote]
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