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Loan repayment... Help
Halifax loan money sent to me March 2010
First repayment started june 2010
7000 GBPx48 months @8.8%
Pay loan in full early ,August 1st 2011 Penalty = 58 days interest charged on full repayment.
How does that work what do you pay save or get back etc,
From what I gather from your question, You save interest. This is because, the loan that was taken in March 2010 was to be fore 48 months so, that would roughly end on March 2014 approximately.
Now, if you repay in full in August 2011, you would pay 58 days interest, i.e. approximately interest on additional 2 months. In this case, you would still save on the interest that you would have otherwise paid from October 2011-March 2014.
I hope this helps...