You should keep getting a bill. But sometimes if I pay ahead on certain bills, it comes off the principal and doesn't actually put me 'ahead' in my payments, like your's. But sometimes it does. Look for a phone number on the statement and make a call.

kk~

I would also check that they don't enforce a penalty for early repayment. A lot of loan companies do over here since they depend on the interest for income, and if you pay it off really quickly you don't accrue as much interest - so they lose money.

My fiance has a loan he's paying off quickly, and each new bill it says "Next payment due:" and the date of the next payment doe gets farther and farther away (I think he's a year ahead right now).

No harm in calling and asking the company, I would think.

Louise wrote:

I would also check that they don't enforce a penalty for early repayment. A lot of loan companies do over here since they depend on the interest for income, and if you pay it off really quickly you don't accrue as much interest - so they lose money.

I hadn't even thought of that. I just looked it up and there is no penalty. So, yay!

It really depends, you probably need to contact whoever gave you the loan to find out. Like KK said, sometimes the extra money just goes towards the principle. From what you have said though, it sounds like you have either already paid enough down on that loan, or it is a different type of loan and so you are getting ahead in payments. Either way, they will still send you something every month, even if it says you owe $0.00

Call your leander and ask to speak with a customer service rep. If this is not a credit card type loan, (e.g.: a personal note, car loan, student loan, ect.) then you should (and you should ask for one if one you do not get one sent to you automatically by your lender) get a copy of the note stamped by the leader "PAID IN FULL" and dated. Also you may get a loan pay off letter by the bank.

If your loan was for a car loan(assumin you are in the US, sorry I no nothing how things are done in Europe, Canada, AUS, etc.) your lender will have filled out the lean release box signing off/discharging the loan, and then will mail you your vehicles title. However, again, be a nudge and still ask your lender for a seperatle loan payoff letter on their letterhead. Depending on your state of residence state DMV's may or may not require this and I was one who found out the hard way once that I needed this document so I could get my car re-titled with a clear title.

You also need to make arrangements to stop making automatic payments, or they could continue to be taken by your lender. Usually the lender (assuming they are reputable) will figure that one eventually and send you back any over payment.

Congratulations on paying off a note, and ahead of time even!! That is a great way to build up good persoanl credit and a good credit score. Good on you.