This will only happen in a specific circumstances:
- You might make a partial settlement towards some, but not all of the outstanding loan amount and inform us you want to apply this towards reducing your monthly repayment amount rather than reducing remaining the loan term.
- The amount you owe in respect of a monthly repayment may change if, for example, you don’t make payments in full and on time.
- This may also result in your paying more overall (including any late payment fees).
- You’ll normally have to make an additional payment at the end of the monthly repayment term to cover the increased cost (although you can pay it at any time)
- Your final monthly instalment is usually slightly different than the standard monthly amounts and will be specified in your contract.