Settlement Figure?

BoGoF

Is there such a thing as a set formula for calculating any rebate due for early settlement?

I know the easy answer is to request a settlement figure from the loan provider but this needs to be done in writing and I am bouncing some figures around tonight so even a rough guesstimate would be helpful.

Thanks

ryanm198

Depends who your loan is with. I recently requested a settlement figure from black horse and got it within 5mins over the phone. Might be worth a call.

BoGoF

They won't give it over the phone, I've tried.

paddyrg

It'll depend agreement to agreement, but it seems the typical early termination fee is about 2 months worth.

xkittyxcatx

I was still in Rule of 78 time, so what I wrote was wrong. Apologies.

redpete

BoGoF wrote: »

They won't give it over the phone, I've tried.

Have you checked the Ts&Cs you signed for the loan - these should explain what the early repayment fee is.