As the title says, I am making extra payment towards my loan but it’s only reducing the whole amount which includes the interest. Surely if I’m making extra payments towards it then it should calculate the interest and reduce the amount more than just the extra payments.
@leeburton Hey there, thanks for getting in touch!
When you make an overpayment it goes towards reducing the length of time you are borrowing for (unless you’ve asked us otherwise). This means there’s less interest to be charged, which means you could save money overall.
The amount you could save is unique to your loan and will vary depending on how many payments you have left. We'll send you a letter within seven working days of making your payment, letting you know about any interest you've saved, your new balance and the term remaining.
Hi @leeburton, thank you for getting in touch. I'm afraid any over payments made to your loan will not reduce the interest but will reduce the overall amount and will be part of an early settlement. If you have any further questions our loans team will be able to give you more information on how this is calculated. They can be reached on 0345 600 6016 (Mon - Fri: 8am - 8pm Sat - Sun: 9am - 2pm) and they will be able to assist you further.
I understand that but the reduction in interest isn’t being represented in the app. So in the app it’s showing my loan amount with the interest included. If I put a £50 over payment to the account then the whole amount, including the interest, will only go down by £50 and isn’t showing a reduction in the interest. Or is this information only showed monthly etc?
Hi @leeburton, If the app is showing your loan amount with interest included even after making a £50 overpayment, it's likely that the reduction in interest isn't immediately reflected in the app's balance. Typically, when you make an overpayment, such as £50, it should directly reduce the principal balance of your loan. The interest accrued is calculated based on the remaining principal balance, so over time, you should see a decrease in the amount of interest added each month. The app might update the interest reduction and reflect the updated principal balance in your next monthly statement rather than in real-time. If you're concerned or need clarification, contacting your loan servicer would provide specific details on how overpayments affect your loan and how they are applied to your account. hill climb racing
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