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.
Loan penalty charges
Hi all, thanks for reading this and if anyone knows the answer I'd be gratefull. BTW if it's in the wrong section sorry and feel free to move.
To cut a long story short a year last Jan I took out a bridging loan of £50k to get me out of a financial mess. Unfortunately the re-mortgage on my property took longer than expected and even though I had the offer on the 2<SUP>nd</SUP> Nov, completion didn’t happen until march. A major pain because the loan company then stiffed me for over £5k in charges. Their reason for the charge was that the loan agreement was for 12 months and I had overrun by two months. So basically is this charge legal?
Thanks for reading,
<O:p
Nige
To cut a long story short a year last Jan I took out a bridging loan of £50k to get me out of a financial mess. Unfortunately the re-mortgage on my property took longer than expected and even though I had the offer on the 2<SUP>nd</SUP> Nov, completion didn’t happen until march. A major pain because the loan company then stiffed me for over £5k in charges. Their reason for the charge was that the loan agreement was for 12 months and I had overrun by two months. So basically is this charge legal?
Thanks for reading,
<O:p
Nige
0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.4K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards