Saving £20k in paying up early
A LOAN which paid for the purchase of a village green is to be paid back early.
Chapel St Leonards Parish Council considered an early settlement of a loan taken out from the Public Works Loan Board in 1964 to buy the village green. The outstanding balance currently stands at £1,573.93 and was not due to be fully repaid for a further 16-and-a-half years. However with interest, this would mean the total sum repayable would be £3,178.72.
Despite some councillors suggesting that the idea of resettling should be reconsidered in the 2014/15 budget discussions, councillors voted in favour of paying off the loan early which will lead to an early repayment figure of around £2,073.74.