Avoiding early settlement fee?

atypicalblonde

Hi everyone
I am about to repay my personal loan in full but will be hit with a £250 penalty for doing so :mad: :mad: :mad:

Is there any way around this at all?

kevin_M

depends.. check if your alowed to make overpayments if u are overpay your loan but not enuff to settle ie 1 or 2 payments short

then u dont have early settlement fees

Phantom_Flan_Flinger

If you can't overpay, you'll probably have to pay the settlement fee as it would have been in the T&C's of the loan, to which you signed when you accepted the loan.

jonesMUFCforever

Who is your loan with?

shaymenRup

Got a loan with A+L (moneyback) for £4000 for a car knowing I would pay it off quickly once I sold my other car.

Within five weeks I had the £4000. Due to choosing a first payment date that had not passed yet, I was able to pay the loan off without paying a bean in interest. No fee, just sent them a cheque for £4000 and cancelled the direct debit.

stefski

Can anyone help me?
I was charged £800+ (penalty charge)for early settlement of a TSB bank loan. Is it possible to reclaim this?

jonesMUFCforever

stefski wrote: »

Can anyone help me?
I was charged £800+ (penalty charge)for early settlement of a TSB bank loan. Is it possible to reclaim this?

The maximum early settlement fee for a LTSB personal loan is £250.
I don't know how you paid £800+

To answer your question an early repayment charge cannot be claimed back.