Credit Agreement is wrong

broker_fee_man

Hi looking for some advice please
I took out a high apr homeowner and asked for a copy of my agreement to check over. They couldnt find the original so have sent me a alternative but it has the wrong figures on it, The original amount of credit was 16k but on the new agreement it is 17600 when i quieried it they sadi it was a 1600 broker fee, I was unaware of any fee so went hunting for my original agreement which I found, on this agreement it confirmend the amount of credit was 16k but did have a section by the interest for the 1600 fee which I assumend would be taken out of the interest earned. Ive looked at firms that check over agreements but they want ££ upfront has anyone come accross this before? thanks

ILW

Seems you got exactly what yu agreed to.

happycamel_2

It's normal for fees to be added to the capital advance, I know I did that for my mortgage fees. You probably had the choice to pay the fee up front or have it added to loan and therefore interest would be charged on it. If you look at the explicit terms and conditions it should explain this on one of the sections but you seem to be thinking the £1600 fee should be interest free, which would be very unlikely.