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early loan repayment fee's
kellymak11
Posts: 2 Newbie
in Loans
Hi, can anyone tell me why i am being charged £200 for settling a loan
early. I went into arrears and worked out that for £3500 i would be paying over £5000 interest over the next 3 years, and was getting very awkward phone calls, so now i have the opertunity to pay what i owe, but have an early redemption fee to pay aswell. I just can not win.:mad:
early. I went into arrears and worked out that for £3500 i would be paying over £5000 interest over the next 3 years, and was getting very awkward phone calls, so now i have the opertunity to pay what i owe, but have an early redemption fee to pay aswell. I just can not win.:mad:
0
Comments
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You need to check your original loan agreement to see what it says about early settlement fees. Its usual that you'll be charged a small interest penalty for settling early. A £200 fee is surely better than the £5000 interest?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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