Hi, I've made 2 loan over payments in the last 2 weeks. The first on the 23rd Feb - by phone as you have to specify how you want the over-payment to be applied ie. reduce term or monthly repayments. The second over-payment was made on the 2nd March. The interest rebates were applied to my loan account today - 6th March. I am pretty disappointed with the values of these, especially as I was led to believe over the phone that the first over-payment would be quite significant. Therefore I am querying what date you use to do the adjustment by - the money in both cases certainly hit the loan accounts on the dates paid, so I fully expect you to use these dates. Can someone clarify this please?
What date is used to calculate the interest rebate on a loan overpayment?
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Verified Answer
Community ManagerVerified AnswerHi - sorry for the delay in our response. When we apply your rebate, we backdate the payment to make sure that it applies to the account from the date the payment was received. I'm afraid we'd be unable to discuss the rebate in detail, but if you call our Loans team, they will be able to help. Their number is 0345 600 6016.Last edited by ChristopherP; 22-01-21 at 14:51. Reason: OH
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Verified Answer
14-03-18 08:26Verified AnswerHi Sarah, thanks for the reply. It turns out they have applied the overpayment wrongly by reducing my monthly payments instead of reducing the term which is in the notes on my account. A notification has been sent through to the payments team to sort it out. I am glad I phoned and checked it with them.wrote:
Hi - sorry for the delay in our response. When we apply your rebate, we backdate the payment to make sure that it applies to the account from the date the payment was received. I'm afraid we'd be unable to discuss the rebate in detail, but if you call our Loans team, they will be able to help. Their number is 0345 600 6016.Last edited by ChristopherP; 22-01-21 at 14:52. Reason: OH
RossM
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