7.1 Partial Early Repayment
If you decide to make a partial early repayment you should notify us that you wish to do so. Your payment will only be treated as a partial early repayment if you are paying us some of the amount payable by you before the time fixed by this Agreement. If you notify us that you wish to make a partial early repayment, you must make the payment (a) within 28 days beginning with the day following the day on which notice was received by us that you wished to do this; or (b) on or before any later date stated in your notice to us.
Any partial early repayment of your loan will reduce the amount on which we charge interest from the day after we receive your payment. The effect of any partial early repayment will be to reduce the Term of your loan.
If you wish to make a partial early repayment of the amount you owe us under this Agreement you must notify us in one of the following ways (a) in writing to Personal Loans Admin, Nationwide Building Society, Kings Park Road, Moulton Park, Northampton NN3 6NW; or (b) by phoning us on 0800 545 3000. You must then make your payment by sending your account reference and your name along with a cheque, made payable to Nationwide Building Society, to the address shown above.
You also have the right to request a statement showing the effect that this additional payment has had on the balance outstanding under this Agreement. You can make this request either at the same time as making your early payment or after that time. We will send you a statement within 7 working days after we receive your request.
To request a partial early repayment statement please call us on 0800 545 3000.
7.2 Full Early Settlement
If you want to pay off the entire loan early, you must request a settlement quotation from us. We will confirm to you in writing the amount required to settle your loan in full. This settlement quotation is valid for twenty eight days from the date you request it.
Your settlement quotation will include interest up to and including this date. In addition, in accordance with the regulations made under the Consumer Credit Act, if your loan term is greater than 12 months you will pay an additional 30 days interest. If you decide to settle your loan we must receive the amount detailed in the settlement quotation by the stated date.
To request a full settlement quote please call us on 0800 545 3000.