It's not a part settlement. You pay the capital less the final last payment. Once this last payment leaves your bank the finance company calculates the interest based on the closing balance only. This obviusly will be your usual monthly installment.

Hi Folks, a bit late posting this new thread but it is relevant. I worked for a company who used First Finance as do many others especially double glazing companies. As with any loan where the interest is charged daily, when you come to settle the balance early they look at the remaining term & calculate a percentage of the interest on the whole amount. The way around these extortionate charges is to pay off all but the final installment of the debt & allow this final payment to leave your bank on it's due date. You will only pay that final payment with no extra charges. I was taught this when I attended a finance sales course, but believe I shouldn't have been as these finance companies do not want their customers to know this.

I had a fixed penalty notice for supposedly contravening a solid white line whilst overtaking. I contested this & received a summons to court. On receipt of the prosecutions statements I found the following errors to the policeman's statement. 1) Wrong Colour of vehicle 2) Wrong gender description for my child. After several correspondence with the CPS questioning the accuracy of the police officers eyesight the case was eventually thrown out of court. So it's worth a shot at questioning whether the traffic warden could read the meter / ticket correctly. Good luck !!!