You can make overpayments or additional payments at any time with no fees or charges.
When you overpay, your monthly payment amount stays the same but your overall amount will reduce. So, depending on the amount you overpay you will either have fewer monthly payments or a reduced final payment amount.
For example, if you only make a small overpayment - your final payment will be less than your usual monthly Direct Debit payments. For larger overpayments - your final payment will happen sooner (reducing the length of your loan).
If you would like to pay back the full amount you owe, call us on 0371 781 3058* or write to us - Ikano Bank, PO Box 10081, Nottingham, NG2 9LX
We'll let you know:
- how much you need to pay ('settlement balance')
- when you need to pay us by (the ‘settlement date’)
- how much interest you will save by paying back early
Your settlement figure will include up to 58 days interest, in line with the Consumer Credit (Early Settlement) Regulations 2004.
*Calls to this number cost the same as a call to a standard '01' or '02' landline number, even when calling from a mobile. Calls to this number are also included in any bundled minutes or free talk time that covers landline calls. Where calls are made outside of a bundle you will be charged at the national rate. Calls may be recorded for training purposes.