Short Settlement

jarvis84

Hi all

I am settling my loan early but have disputed my figure they have agreed to reduce it but said it may show as I have short settled my account. Does anyone know what the consequences will be if it does show as s short settlement?

Any help is really appreciated.

Thank you

oldbanker

when did you take the loan out

jarvis84

Thank you for your interest

i took it out 2007.

Thank you

oldbanker

what month

CLAPTON

I'm a little unclear on your situation

settlement figures for loans taken out after May 2005 are regulated by the CCA
Basically they will require the outstanding capital and are allowed up to two months interest

What exactly happened in this case ?

oldbanker

only 1 month after april 2007

jarvis84

Hi

Sorry all i'm not very good at this.

I took the loan out in June 2007.

I disputed the interest as i requested the settlement statement before the 20 september (this is the date they apply the interest every month) but had to phone to chase them on the 3 October 2008. When i got the statement on saturday they had added another months interest on but this would not have been the case if they had issued the statement when i first requested it.

thank you