If you're planning to clear any loan with your savings or with a Consolidation Loan, you will need to request a 'Settlement Figure' from your current lender. Your settlement figure is the total amount you would need to pay to clear and close your loan account.
How to Request Settlement Figures:
- Contact Your Current Lenders: Reach out to each of your current lenders, whether it's a bank or other financial institution. You can do this via phone, email, or sometimes through their website or mobile app.
- Request the Settlement Figures: Ask each lender to provide you with the total amount required to clear your outstanding debts in full. This figure should include any remaining principal, accrued interest, and any applicable fees.
- Timeframe: Your current lenders are obligated to provide you with the settlement figures promptly. Once you've made the request, they typically have a set timeframe for providing the required information.
- Review the Figures: Upon receiving the settlement figures from your current lenders, review them carefully to ensure accuracy. Ensure they have provided you with the payment details!
If you are using savings to clear an outstanding debt, make sure you check the payment details you have been given. If you are applying for a Consolidation Loan with Plane Saver, you will need to send us the response from your lender including the settlement figure and the APR or interest rate on your current loan. You can use our request template below to help you - copy and paste the text into a Word document to send a letter or simply copy and paste it into an email.