At the point you wish to repay your loan, you will need to contact us in order to obtain a settlement figure representing the exact amount that you owe. You can do this by asking your solicitors acting for you on the redemption of your loan to either write to us marking the letter for the attention of the ‘Credit Control Team’ or email us at: email@example.com
The cost of paying back your loan changes on a daily basis and so your loan redemption figure will generally also include a daily interest figure. This is so that your solicitor can amend the exact amount depending on the specific day of redemption.
Your redemption figure will consist of the current loan balance; any interest that will be charged until the redemption date from the last payment date; and any applicable loan charges. If interest payments were deducted from your initial loan advance, any remaining months and days of interest will be credited back to your account in the calculation of the settlement figure.
Redemption figures are only valid until the date of your next monthly interest payment. If the redemption is after this date, a new redemption figure will need to be requested. Please ensure your solicitor requests a redemption figure a minimum of 3 working days prior to the proposed redemption date.
If you've paid more than the amount needed to pay off the loan, we'll refund the overpaid amount as soon as possible. Surplus payments are refunded either electronically to the bank account your loan payments were previously paid from, or by cheque once the surplus payment has cleared.
If you pay by Standing Order, please cancel this arrangement with your bank or building society after your loan has been redeemed.
We hope to hear from you again soon!