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    Hi I am worried about the interest on my loan do I have to pay off all the interest every month or is it just added to the balance?

    Also another question, when it gets cancelled after 30 years does the interest get cancelled as well or do I still have to pay that off? Thanks
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    (Original post by Matt_1994)
    Hi I am worried about the interest on my loan do I have to pay off all the interest every month or is it just added to the balance?

    Also another question, when it gets cancelled after 30 years does the interest get cancelled as well or do I still have to pay that off? Thanks
    Hi,

    Interest is added to the balance of your loan from the very first payment that is made to you. The interest is calculated daily and added monthly, you do not need to pay off the interest each month it will just be added to the balance.

    When the loan is written off it is the whole outstanding balance.

    Thanks.
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    Thanks for your questions!
 
 
 
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