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Extra money and a shorter term are different account events
Receiving an overpayment does not necessarily implement the schedule change a borrower imagines.
Receiving an overpayment does not necessarily implement the schedule change a borrower imagines. Product rules may apply it in another way or require instructions.
Written clarification and an updated schedule show the result. A guide should not encourage skipping an instalment based only on the fact that extra money was previously sent.
- Receiving an overpayment does not necessarily implement the schedule change a borrower imagines.
- Written clarification and an updated schedule show the result.
Early repayment terms
Check identity through an independent source
Compare the dated schedule with genuine resources and essential outgoings. Request clarification of an unusual first or final payment before treating it as an ordinary instalment.
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.
Direct answers
- What does this explain: extra money and a shorter term are different account events?
- Receiving an overpayment does not necessarily implement the schedule change a borrower imagines. Product rules may apply it in another way or require instructions.
- Which details matter for this question: extra money and a shorter term are different account events?
- Product rules may apply it in another way or require instructions.
- What should be checked next concerning extra money and a shorter term are different account events?
- Written clarification and an updated schedule show the result. A guide should not encourage skipping an instalment based only on the fact that extra money was previously sent.