Can I use overpayments to reduce the size of my monthly repayments instead of reducing the term of the personal loan? The FAQ document states that overpayments will reduce the term of the loan "(unless you ask us otherwise)". Can anyone confirm definitively?
@effectone 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.
If you'd like to discuss how making overpayments will impact your own loan, please call us on 0345 600 6016, available Monday to Friday 8am-6pm, Saturday and Sunday 9am-2pm, and the Loans team will be happy to help.
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How we collect and use your personal data
Tesco Personal Finance plc, trading as Tesco Bank as part of the Tesco Group take the security of your data seriously. We want you to be confident that your data is safe and secure with us and understand how we use it.
We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0
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ChristopherP
