Early loan repayment. Can I haggle

Ace808

Hi I took out two FDirect loans each of about £10,000 in 2008 and am now ready to settle them early. There is about 2.5 years left to run on the loans, and the early redemption figure(s) quoted to me are only a couple of hundred quid less than if I let the loans run full term. This sounds crazy. On asking which portion of the redemption figure was principal and which was interest and how it was worked out, the kind lady explained that the interest was front loaded to the loan, ie I paid a lot of interest early on.

Anyway, cutting to the chase, can I refuse the redemption figure and haggle or can I even complain to the banking ombudsman or something?

Any answers gratefully received.

chanz4

read your agreement

broad-sword_2

I'm afraid you signed up to the T&C's, so you cannot really complain to anyone unless you want to claim it was 'misold'.

opinions4u

Ace808 wrote: »

the kind lady explained that the interest was front loaded to the loan, ie I paid a lot of interest early on.

When the debt is higher you pay more interest. When the debt is lower, the interest is lower.

Anyway, cutting to the chase, can I refuse the redemption figure and haggle

No. The terms and conditions are as much applicable to you as they are to the bank.

or can I even complain to the banking ombudsman or something?

You can complain any time you like. But before you do, understand what you are complaining about.

At the moment you sound like you're trying it on.

Ace808

Thanks for the replies, apart from an industry forum, which I loathe, I have never otherwise posted. But it's fantastic to be able to access this kind of information and opinions so quickly; so I thank you all once again genuinely.

Mis-sold? Of course I was mis-sold: No one bears responsibility for anything these days, so I ought to join them. Trying it on? I think you'll find that currency creation and fractional reserve banking is the definition of trying it on, except to say that as I know that, I should and do know better, so I will say "thank you for my education" to the bank, settle the loans and move on.

Well done to all those who've done well; and well done to everyone else. It's a mad world we live in where the creation of my loans, that the bank lady was so keen for me to continue with, actually robs purchasing power from her own pocket and she doesn't even know.

opinions4u

Ace808 wrote: »

Thanks for the replies, apart from an industry forum, which I loathe, I have never otherwise posted. But it's fantastic to be able to access this kind of information and opinions so quickly; so I thank you all once again genuinely.

Mis-sold? Of course I was mis-sold: No one bears responsibility for anything these days, so I ought to join them. Trying it on? I think you'll find that currency creation and fractional reserve banking is the definition of trying it on, except to say that as I know that, I should and do know better, so I will say "thank you for my education" to the bank, settle the loans and move on.

Well done to all those who've done well; and well done to everyone else. It's a mad world we live in where the creation of my loans, that the bank lady was so keen for me to continue with, actually robs purchasing power from her own pocket and she doesn't even know.

what are you wittering on about?

Ace808

The currency supply and fractional reserve lending

Apples2

Have you met Conrad2 ?

somethingcorporate

What on earth has that got to do with anything about you paying your loan back?

DCFC79

Ace808 wrote: »

Hi I took out two FDirect loans each of about £10,000 in 2008 and am now ready to settle them early. There is about 2.5 years left to run on the loans, and the early redemption figure(s) quoted to me are only a couple of hundred quid less than if I let the loans run full term. This sounds crazy. On asking which portion of the redemption figure was principal and which was interest and how it was worked out, the kind lady explained that the interest was front loaded to the loan, ie I paid a lot of interest early on.

Anyway, cutting to the chase, can I refuse the redemption figure and haggle or can I even complain to the banking ombudsman or something?

Any answers gratefully received.

Ace808 wrote: »

Thanks for the replies, apart from an industry forum, which I loathe, I have never otherwise posted. But it's fantastic to be able to access this kind of information and opinions so quickly; so I thank you all once again genuinely.

Mis-sold? Of course I was mis-sold: No one bears responsibility for anything these days, so I ought to join them. Trying it on? I think you'll find that currency creation and fractional reserve banking is the definition of trying it on, except to say that as I know that, I should and do know better, so I will say "thank you for my education" to the bank, settle the loans and move on.

Well done to all those who've done well; and well done to everyone else. It's a mad world we live in where the creation of my loans, that the bank lady was so keen for me to continue with, actually robs purchasing power from her own pocket and she doesn't even know.

You could have said No to continuing with the loans

Ace808 wrote: »

The currency supply and fractional reserve lending

How is that related to a loan you took out ?

Just for future reference.

somethingcorporate

DCFC79 wrote: »

Just for future reference.

You old cynic, you!