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Clearing a variable rate loan early

  • 07-03-2014 12:55pm
    #1
    ErinGoBrath
    Registered Users, Registered Users 2 Posts: 2,346 ✭✭✭


    Hi all,

    Very simple question (I think!)

    I took out a 24 month variable rate loan 5 months ago.

    My question is if I clear the loan will I save on the remaining 19 months worth of interest payments?

    I've checked the T&C's but I can't seem to work out this bit.

    Thanks!


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    ErinGoBrath wrote: »
    Hi all,

    Very simple question (I think!)

    I took out a 24 month variable rate loan 5 months ago.

    My question is if I clear the loan will I save on the remaining 19 months worth of interest payments?

    I've checked the T&C's but I can't seem to work out this bit.

    Thanks!

    Yes, they cant charge any charges or extra interest for early payment/redemption of variable rate loans. This protection is guaranteed by the Consumer Credit Act itself.


  • #3
    ErinGoBrath
    Registered Users, Registered Users 2 Posts: 2,346 ✭✭✭ErinGoBrath


    Thanks Chris, that's what I was hoping for.


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