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Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4420
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Loan repayment...Halifax loan started june 20107000x48

Resolved Question:

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,

Submitted: 5 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 5 years ago.

Dear Friend,

 

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...

Warm Regards,

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