Credit Facility Fee?

anita888

We are roughly a month away from our final payment of a 3 year loan (with ridiculus interest), that was all organised through the car shop in Northampton when we purchased a care from them 3 years ago. The finance was through Bank of scotland (Changed automatically to black horse in aug 2010).
I have dug out our paperwork to check things out and seen that a "credit facility fee" of £289 and an "option fee" of £10 are payable with our last installment.

We were not aware of these fees as they were not explained to us when taking out.... also I am aware that a credit facility fee is the fee charged by a lender for arranging credit.

1. Does anyone know if we can argue these fees, due to not being explained etc?

2. Or does anyone know if we can argue that this fee is invalid as the lender arranging it no longer has the loan.

many thanks in anticipation for any advice.

RichGold

anita888 wrote: »

1. Does anyone know if we can argue these fees, due to not being explained etc?
2. Or does anyone know if we can argue that this fee is invalid as the lender arranging it no longer has the loan.

1. If it was in the original agreement you signed, which it sounds like it was, then No.
2. Same as above. No.

anita888 wrote:

many thanks in anticipation

You're Welcome.

opinions4u

anita888 wrote: »

We are roughly a month away from our final payment of a 3 year loan (with ridiculus interest)

Were details of the interest not on the agreement?

I have dug out our paperwork to check things out and seen that a "credit facility fee" of £289 and an "option fee" of £10 are payable with our last installment.

We were not aware of these fees as they were not explained to us when taking out

But I assume they were on the agreement that you signed?

1. Does anyone know if we can argue these fees, due to not being explained etc?

If it's on the agreement, what is there to argue? You agreed to them.

2. Or does anyone know if we can argue that this fee is invalid as the lender arranging it no longer has the loan.

No. Loan companies can buy and sell loan books of other companies. In this case, Bank of Scotland and Black Horse are both parts of Lloyds Banking Group.