Halifax Loan Settlement Figure within 14 days

FTBMAN

Hi All,

I took a loan out with the Halifax only 5 days ago and now have the money to repay and have asked for a settlement figure today which I was told lasts for 30 days.

My question is will I incur the 58 day Early Repayment Charge if I pay the loan off in full early.

Also as the quote lasts for 30 days surely its best to pay off towards the end of the quote so the money is in my account for a longer period of time.

Thanks.

DevCoder

Youd be better doing an overpayment of the total loan amount minus 1 repayment no?

FTBMAN

But do I not have the right to cancel the agreement within 14 days without charge (other than accrued interest)?

DevCoder

I was responding to your second question. What does you T&C's say regarding your first?

FTBMAN

It says I have a right under section 66A of the Consumer Act 1974 to withdraw from this agreement without having to give any reason. The right starts on the day after the agreement is made and ends 14 calender days later.

DevCoder

Then ring and state you wish to repay the capital loan monies under this condition.

DevCoder

PS : I'd also write this confirmation to them recorded post (post is deemed to be "accepted" two day after posting, if you really want then you can do "signed for")

FTBMAN

Can the settlement figure change from day 1 to day 30? If not you might as well pay the loan back close to day 30.

opinions4u

FTBMAN wrote: »

It says I have a right under section 66A of the Consumer Act 1974 to withdraw from this agreement without having to give any reason. The right starts on the day after the agreement is made and ends 14 calender days later.

Does that say you pay no interest?

If you signed up in branch they can charge you.

If you signed up remotely then you should have no interest if you repay within 14 days.

FTBMAN

I took the loan out remotely.

It says in so many words I have 14 days to give notice to withdraw from the agreement and then 30 days to repay it. Daily interest is payable (small amount which sounds right).

Why do they give a settlement figure valid for 30 days if they apply daily interest? Surely the figure will keep changing?