If you are thinking about clearing your loan in full — whether that is because your circumstances have changed, an inheritance has come in, or you have simply got ahead of your schedule — the number you need is called a settlement figure. This article explains what it is and how to use it.
What a settlement figure includes
A settlement figure is the total amount required to repay your loan in full on a specific named date. Because interest accrues every day, the figure is only valid up to that date — ask too late and you may need a fresh one. The figure includes:
- the remaining balance of your loan;
- interest accrued up to (and including) the settlement date;
- any fees in your credit agreement that apply to settlement;
- any adjustment for an interest rebate, where early settlement reduces the interest you would otherwise pay.
How to ask for one
The quickest way is the Request a Settlement Figure form on our Forms & Requests page. Tell us the date you would like the figure to be valid to. We will normally respond within a few working days with the figure, a breakdown of how it is made up, and instructions for paying it.
When to ask
If you know exactly when you want to settle, give yourself a few working days’ lead time. If you are still exploring options — say you want to see whether settling early makes sense versus continuing the schedule — we can give you a figure for a couple of different dates so you can compare.
Settling, then closing
Once your settlement figure has been received and applied, your account is closed automatically. If you would like written confirmation of closure for your records, ask for it on the same form or send a separate General Support Enquiry. Closure is normally reflected on credit reference agency records at their next monthly update — see our article on credit-file impact for the detail.
If you are not yet sure whether to settle or to continue, please contact us — we are happy to walk through the numbers. Free, independent advice is also available from Citizens Advice and from MoneyHelper.