We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Settlement M&S Loan
I have recently contacted M&S re settling my existing loan.
They have given me a settlement figure higher than the amount borrowed!?
I borrowed 9k 14 months ago however the settlement figure is 9.7k.
They have explained how this is calculated which is fully transparent however I thought the Fsa had clamped down on this years ago.
I have had loans in the past with natwest which treat the interest and capital separately therefore you will never pay back more than the capital on early settlement.
In hindsight I should have read the loan agreement prior to signing it however can't believe this is legal.
Has anyone else ever been in this situation?
They have given me a settlement figure higher than the amount borrowed!?
I borrowed 9k 14 months ago however the settlement figure is 9.7k.
They have explained how this is calculated which is fully transparent however I thought the Fsa had clamped down on this years ago.
I have had loans in the past with natwest which treat the interest and capital separately therefore you will never pay back more than the capital on early settlement.
In hindsight I should have read the loan agreement prior to signing it however can't believe this is legal.
Has anyone else ever been in this situation?
0
Comments
-
As agreements prior to february 2012 it is still fine for them to do so.0
-
Sounds like you have been given the balance of your loan, not a settlement figure.0
-
I phoned M&S (HSBC) this morning spoke to a more helpful operative who gave me a figure of 7k, the previosu figure was the balance, thanks.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards