Settlement Figs

aimingforadebtfreelife

Can anyone help on early sett figs. My agreememt has an early settlement figure after 6 months payments (albeit illustrative). However actual sett fig is £300 dearer - Citifinancial say the one on the loan agreement is only an example and doesnt take into other considerations??? so why is it on and why so much diff - all 6 payments made on time... any ideas???

frugalpam

aimingforadebtfreelife wrote: »

Can anyone help on early sett figs. My agreememt has an early settlement figure after 6 months payments (albeit illustrative). However actual sett fig is £300 dearer - Citifinancial say the one on the loan agreement is only an example and doesnt take into other considerations??? so why is it on and why so much diff - all 6 payments made on time... any ideas???

Just replied to you on your other thread. A lot depends on when you took out your loan, and how much you borrowed. Also, they may be trying to apply the Rule of 78, but this has now been abolished for all loans taken out from 31st of May 2005.
I really would get some professional advice on it all - they won't reply to any letters I've been sending since February, asking them to explain how they have arrived at their settlement figure. I've written again tonight and told them that unless they do reply in then next 7 days, then my solicitor will be contacting them.
Citifinancial are sharks, in my opinion.

Pam

WH39

Hi
Most loans are front loaded with charges and interest. Check the consumers credit act on early settlement. It my understanding that they must supply you with a break down of the settlement figure. Hope this helps.