If I pay 5k off a 9k loan...

~Brock~

magda73 wrote: »

LOan taken out June 2010 :-)

OK. You still have the right to request that the payment is treated as a partial settlement, it's just that it may not be specifically mentioned on your loan agreement.

Partial early settlements were a new area brought about by the Consumer Credit Directive, which came into force in February 2011, and resulted in an amendment to s94 of the Consumer Credit Act 1974.

Agreements entered into after this date are likely to include terms relating to this, although the right also applies to agreements taken out before this date.

CamelLady

ok great I will say this when i go at lunchtime and re: I would like the option to reduce my payments rather than the term and see what they say :-) thanks

~Brock~

magda73 wrote: »

ok great I will say this when i go at lunchtime and re: I would like the option to reduce my payments rather than the term and see what they say :-) thanks

Let's just hope whoever you speak to knows their onions. I'm not holding my breath on this