Finance - partial early repayments

Marko`

Hi, sorry if this is covered elsewhere, I couldn't find anything on the forum.

I have a finance deal that I was wanting to make some extra payments to in order to get it cleared of a bit quicker. I understand that I am entitled to make partial early repayments under the consumer credit act if I give the creditors notice of my intention. I emailed them to ask about this, they responded and gave me details of how to make payments but told me there is a £3 administration fee which will be charged for every payment. Do I have a right to make payments without incurring extra fees?

thebritishbloke

Pretty sure they're allowed to charge an administration fee, you'd have to check the T&C's of your original agreement. Even so, it's only £3, are you really going to go through a load of hassle to save £3?

Marko`

Thanks, but yes. The remaining sum on the agreement isn't that much, and I was wanting to throw another 20 or so quid a month at it, so £3 is a fairly substantial hike in the cost. I don't think it is a lot of hassle, just wanted to know what they were entitled to do before I go back to them. If I was making a single final payment I probably wouldn't have gave a second thought to a £3 admin fee.