Back to Guides
Does an overpayment automatically change future instalments?
An extra payment can be recorded without producing the schedule change the borrower expects.
The agreement may require instructions or offer more than one treatment.
Ask which method applies and obtain the revised position. Do not simply skip the next instalment because more money was sent previously unless the provider confirms that outcome.
Find a guide for your borrowing question
Browse loan types, application preparation, cost and repayment subjects, with checklists to use beside your own documents.
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.