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Is this normal or legal ?

Gingertom_2
Gingertom_2 Posts: 39 Forumite
in Loans
Asked Lloyds/TSB if I could pay a personal loan off early.
Reply yes and they gave me a figure valid for 30 days.
Note on letter I quote.
"You are not entitled to a rebate of charges for the loan if you settle this loan early"
Also
"Early entitlement fee £42.97.
.
I feel they are s______g me

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    no information here

    how much was the loan for
    the APR
    monthly installments
    over what period
    any PPI
    any payment free months
    any missed /late payments

    what was the ealy settlement figure?
    how many payments have you made?
    does the 30 days include an additional payment
  • Gingertom_2
    Gingertom_2 Posts: 39 Forumite
    I can give u some of that info.
    !2 monthly instalments
    No late or missed as DD
    Another payment due today . (Recon that is not included in their figure)
    That will be the 4th payment out of 12
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
    it maybe a loan which has the intrest etc spread accross each payment.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The charge will be the 56 days interest charged as an early settlement fee.
This discussion has been closed.
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