The last three months of a loan term are a good time to get organised. Here is a practical checklist for the run-up to final repayment.
Step 1 — Check your remaining balance and schedule
About three months before the expected final payment date, log in to your portal and go to Payments → Repayment schedule. Confirm how many payments remain and the final payment date. If you made any overpayments or early repayments during the term, your schedule may have shortened — verify the current position.
Step 2 — Request a settlement figure if you want to pay early
If you would prefer to clear the balance with a lump sum rather than waiting out the remaining instalments, request a settlement figure through the General Support Enquiry form or via your account manager. A settlement figure includes the exact amount needed to fully close the facility, including any accrued interest not yet collected.
Settling a few months early may save you some interest (though on fixed flat-fee products like Slice, the fee is fixed regardless of early settlement — check your offer document for the specifics).
Step 3 — Plan your cashflow for the final payment period
If your last direct debit is a slightly different amount to your regular instalments (because of rounding or minor accrual adjustments), this will be shown in your repayment schedule. Make sure the account used for direct debits has sufficient funds around the final payment date.
Step 4 — Decide on next steps
As the loan closes, think about what comes next:
- Borrowing again: If you anticipate needing further finance in the next 6–12 months, your completed repayment history significantly strengthens a fresh application. See can I borrow again after repaying?
- Top-up before closing: If you need additional funds now, a top-up request during the final months of an existing agreement may be possible — subject to eligibility.
- Flex facility: If you want a revolving line of credit available for future needs, applying for a Flex facility while your repayment record is clean is better than waiting until you urgently need funds.
Step 5 — Confirm closure and cancel the direct debit
After the final payment is collected, you will receive a written confirmation that your loan is fully repaid. Once you have this confirmation, you can cancel the direct debit mandate through your bank. Do not cancel it before the final collection — this could prevent the last payment from being made.
Keep the closure confirmation letter for your records — it is useful for accounting, audit, and any future due diligence.
See also: What happens when my loan is fully repaid?, Can I borrow again after repaying my loan?, Preparing for the end of your facility.