Barclays partner finance -fixed sum loan

oliverthedog

Hi, can anyone help here please? Have just taken out a loan for some home improvements from BPF offered via the contractor. Basically, the deal is no repayments and interest free for the first 12 months and then the loan kicks in proper for a further 120 months with monthly repayments of capital and interest. I am using this facility basically for the 1 year interest free element and fully intend to repay on or before the first anniversary of the loan. However, I have discovered by reading the documentation that by repaying early in this way I will be charged a Settlement Fee by BPF. A couple of points here: (1) should the contractor have made me aware of such a fee which he didn't and (2) how is the fee calculated as there is no explanation of the formula to be used.
Any clues, anyone?

dotdash79

I would give them a call, when I had to call in the past they were very helpful.

By the way was this Everest?

oliverthedog

Thanks, I will contact BPF for the settlement fee calculation methodology but was the contractor, acting as the intermediary, possibly negligent under the terms of the Consumer Credit Act 1974 for not drawing my attention to an early settlement fee being payable in this scenario?

Apples2

oliverthedog wrote: »

and fully intend to repay on or before the first anniversary of the loan.

Make that payment in the 10th month, 11th at the latest.

December is silly month, all it takes is a hiccup and you end up buried in interest payments.
That settlement fee is a well documented scam, not sure I've read of anyone getting out of it but if you don't pay it, the interest awaits.