Early Settlement

Robbied_2

Hi

I am sure i must be cracking up but i have just received a loan offer from Santander through the Aliance and Leicester link, offer is at 7.9%. They state an early settlement charge of nearly 800 pounds per thosand borrowed if you want to settle within the fiest quarter of the loan term. Surely this cannot be correct?

I will call them tomorrow for explanation however i wondered if anyone else had any experience of this, and no if this is correct i wont be signing up....

Thanks
Rob

Happytogetdebtfree

I can't say I know but I can't imagine they can charge that good luck at finding out :-)

CLAPTON

they don't say its a 'charge' ... reread what it actually says.

they are saying that if e.g. you borrowed 10,000 then after 1/4 the loan period and you wanted to settle the loan you would pay 8,000 ... which is very reasonable

Robbied_2

Thanks for the replies, i did wonder if it meant that however having read it several times it does not appear that clear. I will call them today and update later.

Rob