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What
happens if I want to pay off my secured loan early? |
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| As with all loans, if you find
that you need to pay off your UK secured loan earlier than you originally agreed
to then you should speak to your loan provider. You will need to explain your
situation in full and ask your loan provider for an early repayment settlement.
If you decide to pay back your loan earlier than was at first arranged then do
not expect to simply pay back the amount that you owe and the interest that has
accrued upon it up to that date. Instead, your loan provider will calculate a
loan settlement according to the rules laid out in the Consumer Credit Act of
1974. Your loan settlement will most likely fall somewhere between the total amount
borrowed plus the interest owed to date and the total borrowed in addition to
the total interest that would have been owed otherwise. Before you start taking
out secured loans UK it is a good idea to ask your loan provider about their stance
on early repayment and the procedures that they take in such circumstances. |
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN
SECURED ON IT |
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