What Is The Proper Way To Close Out A Loan

[kuriisenbo]

I have issued a car loan to KMyMoney. Performed using "scheduled transactions" beautifully over the life of the loan. The final "payment" was made this month. The final value of the "payout" is adjusted and executed using the "Scheduled Transaction". The account correctly displays a balance of $0. However, the "scheduled transactions" simply queued the payment for the next month. What is the best way to stop this process? Does the "Loan Master" understand that the loan is satisfied and automatically stops payments? Or should I just "delete" the scheduled loan payment from the "Scheduled transactions"? Just looking for the best/right way to close this loan. Thank you in advance for any help.

[GoodDude]

You can turn on the This schedule will end at some time option of the schedule and set the number of payments to 0. There is also an option to suppress the display of finished schedules, that way it will stay on file but will not clobber the list of schedules.

[Demixl]

Oh, I've been in this situation, I've paid off my loan, and I'm being asked to pay again. However, if you do not close the account to which the loan was linked, you may lose a lot of money. vakuudetonlaina.com That is, just an unclosed account can cause problems and new financial debts, as happened to me. Have you closed your account? Banks often do not close accounts automatically, and it is best to check and disable everything yourself, it is important not to forget to disable other bank accounts. I think you have a problem with that. Good luck!