Lloyds tsb loan cancellation charges

bob999_2

Originally went to lloyds for bridging loan , for property completing end of month, but was told that because i would need deeds etc of new property could take a while to go through.

So instead ive taken a loan for 20k, which i will repay in about 1 week.
Was this the best thing to do?

Also told that as long as i pay off before payment due in about 30 days, it will cost me £185 in admin fees plus interest.
But looking at terms of contract it says

'However, if you ask for a quotation within 30 days of the loan being opened and repay all sums due by the settlement date given in the quotation, the administration fee will be just £1. And there will be no administration charge if you ask for a quotation within 90 days of when the final monthly repayment would fall due (as assessed at the quotation date).

So does this mean it has only cost me £1 plus daily interest
Cheers

[Deleted User]

That's how I would understand it. But if I were you I'd ring them to make sure quoting the above.

MarkyMarkD

As the OP has already taken out the loan, I shouldn't bother phoning to check - I would just expect the terms to be as the contract says and refuse to pay anything more than said terms.

There's no gain in having the argument in advance.

bob999_2

Now think i kmow where there coming from, but looks like they should have told me £250. Which i belive is now cancelled out by 2nd paragragh

If you repay the whole loan early, you must also pay us an administration fee when you make the repayment. This will be equal to 58 days’ interest under this agreement, up to a maximum of £250 :mad: calculated on a daily basis on the outstanding balance on the loan account.

However, if you ask for a quotation within 30 days of the loan being opened and repay all sums due by the settlement date given in the quotation, the administration fee will be just £1 :j . And there will be no administration charge if you ask for a quotation within 90 days of when the final monthly repayment would fall due (as assessed at the quotation date).