Originally Posted by
PanGalactic
Honestly, I didn't spot that, but when I was making my payment earlier I asked them to confirm again that the interest is charged daily and that my payment would reduce the amount I was paying interest on there and then.
I guess we'll find out in a month when they charge their first interest payment and take the instalment by direct debit.
Still 9,000 Avios for £50-60 is a pretty good deal anyway whichever way it turns out.
Panny, I just called Lloyds personal loans to enquire further about this clause. I was told that the 58 days interest only applies to final settlements, not to partial settlements. At the time of final settlement a further 58 days interest will be applied to your final settlement.
This seems rather strange to me, so I just decided to ask openly, if you want to make a final settlement, can you repay most of it in a partial settlement, and then call again to make the final settlement, so that you reduce the interest amount. The answer I got was yes!
Seems barking to me, I'd like to take them up on it, but I feel a bit wary as I don't have it in writing!