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I took out a loan with Lending Stream just after Christmas. Well, we all make mistakes. Anyway..


Website appears nice and clear and during the process I was shown a screen which looked to me as though I had the option to repay the full balance at any stage, showing the total amount due if I did so "repay early and avoid interest charges".


I didn't save a copy of the information on the screen sadly as I naiively thought it would be emailed as part of the overall agreement. I was attracted by this flexibility e.g. it's a one month loan, but, can be extended over 6 months. I intended to repay before that, which is precisely why I should have kept that information.


Anyway, the first loan payment was due, adequate funds in my account, and yet no debit. I get an email just before midnight saying "payment incomplete". I query with my bank. They say - there have been no declines. It isn't a "fraud block". There is no reason why the payment should not have gone through.


It appears to have gone through the next day, possibly in the minutes just after midnight as by the time I looked (about 00:15) the funds were locked. Next day - email "thanks for your payment", which has mysteriously had £12 added to it. No subsequent credits during the day.


They say it was declined, bank says it wasn't. I'll probably never know. Anyway:


As you might imagine I just want to repay it all ASAP.


Their site says


To close you loan early you can login to your account to make loan payments on our website by clicking here. Please select the Loan Reference ID of the loan that you want to prepay from the drop down menu. The "Total to repay" field in the summary section displays the amount needed to close your loan. To make the payment, select the "Other Amount" option, enter the amount that you wish to pay in the "Amount" box and proceed with making the payment. Please email us at .. if you have any questions.


All well and good. Except the "Total to Pay" is the total including the interest to the end of the term.


They don't seem to make it easy to retrospectively find out how much it ought to be to repay early as I am assuming, perhaps wrongly, that this will be cheaper e.g. I will save on interest. That's how it appeared to me when I applied. Sorry if this is vague, I'm kicking myself for not clicking File > Save Web Page.


Can anyone tell me:


- Am I entitled to a reduction in interest by repaying early (between months 1 and 2 of 6)

- How is the reduction calculated, is is "legislatory"


Clearly I can ask them, but I wanted to know what rights I have, if any, before I do so to compare those with the response.


Thanks very much.

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