Your Post workplace Loan is managed because of the credit Act 1974 (CCA) which provides you particular defenses and entitlements when getting into a credit contract. One of these simple entitlements is you originally signed up for that you can choose to repay your loan either partially or in full before the end of the term. What’s the distinction between a Partial and Comprehensive Early payment?

• Partial Early Settlement – This is when you create a repayment to the amount your debt to us which will be in addition to your normal contractual month-to-month payment quantity. There’s absolutely no limitation towards the true wide range of very very very early settlements you could make throughout the term of the loan and there’s no minimum or optimum amount you can easily spend.

• Comprehensive Early Settlement – This is how you spend the complete quantity you owe to us and clear your loan ahead of the end regarding the initial consented term.

Both in full instances, you’ll be eligible to a rebate .

You are able to request a Partial or Full Early Settlement by either calling us on 0800 169 2000 or composing to us at Customer Services Department Post Office Loans Customer Service Team

You should have 28 times through the time once you e mail us in order to make your repayment. Then have a further 28 days from the day after this date to make your payment if you don’t make the payment within this timeframe you will need to contact us again so that we can provide you with up to date information – you. Understand that you are under no obligation to proceed if you change your mind.

Some points to see:

• you can choose to either reduce the term of your loan or your monthly repayment amount if you want to make a Partial Early Settlement. In the event that you ask us, we are able to let you know just how both choices would influence you to definitely assist you in deciding what direction to go. Us which option you want to take, we will automatically reduce your term meaning your monthly repayment would stay the same if you don’t tell.

• then confirm this to you in writing if you want to make a Full Early Settlement we will tell you how much you need to pay us to clear your remaining balance completely and.

• when you yourself have any unpaid fees or arrears on your own contract, these is supposed to be cleared first after which the rest of the quantity is supposed to be utilized up against the complete or partial settlement to your loan.

В· By bank transfer, when a settlement estimate happens to be acquired. You have to add your contract quantity as a reference on your own re payment, making sure that we are able to precisely use the re re payment to your loan.

With us we will calculate what interest charges you need to pay based on the applicable fixed rate, the amount borrowed and the original term of your agreement before you take out a loan. The attention is included into the total amount borrowing that is you’re the full total will be split by wide range of months over that you’ve opted for to settle your loan – this provides you your month-to-month payment quantity. In the event that you make an Early Settlement you’re going to be eligible to acquire some for this interest straight back and this really is referred to as a rebate.

• If you’re making a Partial Early Settlement we’re going to subtract the rebate quantity from your own staying stability. This is taken into account whenever calculating exacltly what the brand brand new month-to-month payment amount or brand brand new final payment date is going to be, as applicable*.

*The quantity of your rebate depends on which choice you take.

• If you’re making the full Early payment, we are going to subtract the rebate through the quantity you will need to spend to clear your loan balance off.

Whenever determining your rebate we make use of a formula as recommended by the credit rating ( very Early Settlement) Regulations 2004 which takes under consideration information such as for example exactly how much you might be repaying every month, the length of time you’ve still got to cover on the loan plus the settlement date. The settlement date determines simply how much the rebate is going to be and, you owe us if you’re making a Full Early Settlement, how much. The settlement date we use can be as follows:

• 28 days through the date you notify us

• Plus a extra deferment of 30 times