early settlement

suzistro

Does anyone know if you settle a bank loan early i.e. within 28 days and pay it off in full can they charge you interest?

jonesMUFCforever

If it is in the terms and conditions of the agreement yes they can charge you interest and in most cases an early settlement fee.

suzistro

Shame thought we'd be able to use 1974 credit consumer act, we double checked with member of staff in bank and had another witness, we're sure he said 28 days. Now they are saying 14 days and it's their word against ours.
Thanks anyways

jonesMUFCforever

Whether he said 14 or 28 or 280 - you can view the act online.
Sorry you didn't get a free loan - if everyone did that the banks would be in a right mess - oh dear they are already LOL