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Is there a way to avoid early repayment charge?

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Hi all,

I have about 900 left to pay on my Lloyds TSB loan. The usual direct debit for £346 will go out on 1st March but I have come by an extra £550 this month and want to put this towards the loan. Would there be an early repayment charge if I do this now and let the £346 go out as usual to pay off the loan? Or could I pay it all except for £5 for example, and then pay the £5 a couple of days later? Would this avoid a charge?



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I would suggest calling the bank and asking the question directly to them. You could also try checking the terms and conditions of your loan. It sounds like you are coming to the end of your loan anyway so I doubt there would be a charge and you could possibly get a tiny bit of interest refunded too for paying the loan off early.

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