Early Settlement Query

Kilvy

Hi MSE users. Today I called to pay off a credit agreement that I have on a motorbike I bought. I recently came into some cash so thought I'd use it wisely and pay the loan off early. I did however, being an accountant, call armed with my own settlement figure which came to £42.01 less than the figure they gave me. :mad:

I stood my ground after the chap saying initially that I was being 'penalised' for a months interest and that it was in my agreement. I argued that it is not within the early settlement terms. He umm'd and ahhh'd and went to speak to a specialist!?!

Anyway, after a while they agreed with my figure, settled the balance and closed the account. :T

I really can't help thinking that these companies are banking on the general public just agreeing with their numbers. I urge everyone to check their own settlement figure if they can and don't believe what you are told.

Incidentally, I still can't find the clause which penalises me for a months interest!!

CLAPTON

Kilvy wrote: »

Incidentally, I still can't find the clause which penalises me for a months interest!!

why is that?