Can i claim back

grand-poobar

Car loan

I took out a car loan with stoneacres (lincoln) who fiananced the loan £6500 with barclays motor loan, when i enquired about paying the loan off early, the letter says it will cost me £670 to get out of this £150 admin, £150 closure, and £370 interest is this right after only a 6 week loan.and paying it off 34 1/2 months early..????
can i claim unfair bank charges..!!

jonesMUFCforever

Why is it unfair?
The terms and conditions would be my first port of call where I am sure that the charges will be explained to you.

Bossyboots

Unfair bank charges are charges made for breach of contract which are only allowed to reflect the actual cost to the bank as a result of the breach.

As already stated, the costs quoted to exit the loan will be part of the T&Cs and not penalty charges so you would not be able to claim them back.

grand-poobar

Thanks for the replies, Ive tried to read all i can, but find it very confusing, but now i have the info from the horses mouths so to speak.