Early repayment of TSB Loan costing me more?!

shortchanged_2

Yes FREEZ that looks about right to me.

dazzammm

CLAPTON wrote: »

just to add

the way early settlement of the loan is worked out i.e. the current balance plus at most two months interest payments, is determined by the CCA (i.e. is basically the law) so there is NO QUESTION that they can't charge you all the interest for the original period.

In this case however the fact that you had PPI and that you have missed a payment rather complicated the issue

Maybe when you have the full details we will be better placed to say whats happening.

Can someone else confirm that this is true - the MAXIMUM penalty is 2 months interest ? Im currently out of work and looking to get a loan to pay off the credit cards but will be paying off early when back in employment. (please, no discussion on whether Ill get the loan or not).

CLAPTON

dazzammm wrote: »

Can someone else confirm that this is true - the MAXIMUM penalty is 2 months interest ? Im currently out of work and looking to get a loan to pay off the credit cards but will be paying off early when back in employment. (please, no discussion on whether Ill get the loan or not).

http://www.creditlaw.co.uk/Refpages/Early%20settlement.htm

http://www.opsi.gov.uk/si/si2004/20041483.htm