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Early Settlement Figure

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Hi All,


I took out a graduate loan back in 2008 for £15,000 over 5 years (circa 12% APR) and I am now looking to pay off early.


Loan Amount: £15,000

Monthly Payment - £331.00

Term - 60 Months

Amount of interest payable - £4860.00 plus interest for 3 month holiday at start of loan.

Current payment - No. 43


Basically, i've contacted Natwest and asked for a settlement figure which they confirmed over the phone to be £5881.00. Now by my calculations thats the whole of the remaining loan amount (including interest) plus a two month penalty? and no rebate?


In this case, there seems to be no point in me repaying early and I might aswell continue paying monthly?


I just want to confirm that this is correct as seems strange to me...


Many thanks for your help.



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Some Natwest loans charge an early redemption penalty of 58 days interest. I bet that is what they have added on.


Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

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Thanks for your reply - I understand the principle of adding 58 days interest but is there not a statutory reduction of interest under the 2004 regs to cover the fact i'm repaying 18 months early?



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thanks for this - i've just enter details and it suggests a balance of circa £5164.00 for 43 months however my online banking shows a balance of £5661.00 and my settlement figure is £5881.00....i'm just so confused as settling early would seem to cost me £100's..?

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