Got a question? Contact our Accounts team on 0203 936 4800
When you make an overpayment, you pay off any outstanding interest first, then the principal amount.
You pay less interest on your loan than we originally set out in your repayment schedule. That’s because we charge interest on the principal loan, which will reduce.
Note. If your overpayment only covers the amount of interest due for your next scheduled repayment, this will not reduce the principal.
When you make an overpayment, you can choose from a number of options. Check your finances. It’s up to you to decide which option is most suitable for your current situation. To help you work it out, check our examples.
Remember. Your options depend on when you took out your loan, and when you make your overpayment as the charged daily interest varies the next due payment.
This depends on when you took out your loan.
You can make a repayment to us at any time by either a bank transfer or by Direct Debit. To make a repayment via Direct Debit, log into your dashboard and select ‘Overpay’.
If you entered into your loan agreement with us after 23 March 2019
Note. The maximum amount you can pay at one time via Direct Debit is up to £51,000. To make a bank transfer, call us on 0203 936 4800.
If you entered into your loan agreement with us on or before 23 March 2019
Note. the maximum amount you can pay at one time via Direct Debit is up to £51,000. To make a bank transfer, or If you would like your overpayment to reduce your loan term or monthly repayment amount, give our Accounts Team a call on 0203 936 4800.