Loan Early Repayment - Intelligent Finance

Sgt_Oddball

Hi,

I've got a question about early repayment charges.

I took out an unsecured Intellligent Finance loan last year specifically because it came with no early repayment penalties (e.g. some companies charge 2 months interest).

However, I recently requested a settlement figure and as part of this I was informed the company could charge up to 56 days interest - so not penalty-free after all!. Has anyone else had a similar loan and situation?

Cheers,

Oddball

_Andy_

Sgt_Oddball wrote: »

Hi,



However, I recently requested a settlement figure and as part of this I was informed the company could charge up to 56 days interest - so not penalty-free after all!. Has anyone else had a similar loan and situation?

So are they charging you?

Sgt_Oddball

No, I haven't settled the loan yet. I was going to take out another loan over a shorter term to pay it sooner.
They mention something about making the calculation according to the Consumer Credit (Early Settlement) Regulations 2004. It's designed to recover their costs. However, if they say they won't charge how does this fit in?!

Sgt_Oddball

Just a further update. I don't think I would actually settle it now since the interest rate is pretty good (7.4% APR). However, do you think they would let me over-pay on a per month basis?

I just tried to phone them to find out but the office is shut now.