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What should I ask about a partial early repayment?
A payment above the schedule may reduce later instalments, shorten the term or be handled another way.
The agreement and provider process determine which effect occurs.
Ask about instructions, charges and a revised schedule before relying on a particular outcome. Sending extra money without clarification does not necessarily create the repayment change you intended.
Prepare a question about a loan charge
Collect the date, amount and contractual wording, then follow the provider's relevant enquiry process.
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.