If I settle my loan early or make an extra repayment, will my Direct Debit still be taken?

Updated 5 months ago

I've just settled my loan, but my monthly repayment is due, will this still be taken?

If you’ve recently settled your loan early and it was more than 2 - 3 working days before your monthly payment is due, your monthly Direct Debit would be included in your settlement.

When getting your settlement quote, you’ll get a few key bits of information to look out for including the amount you need to pay to settle your loan and if your monthly repayment will still be taken and when.

I've made an extra repayment, will my monthly payment be taken?

Yes, an extra repayment doesn’t replace your monthly Direct Debit.

How is my loan affected by making extra repayments?

We'll deduct the amount you've paid from your loan total. Your loan term will remain the same afterward, but your monthly repayments will be slightly less -- the higher your extra payment, the more your monthly amount will be reduced.

You can read up on what an extra repayment is and how it impacts your loan here.

If you need any help or need to get in touch, please reach out to us here.

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