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118118 Money
Hi There,
Well its a long story.
I took a loan out with 118118 Money for the some of £1500, interest of £613. I am an idiot right?
So me being me, i want to get this paid off asap.
i have paid off £528 off already however, will i be liable for the full term's interest of 12 months, if i pay it off early? there t&c's arnt brilliant or there customer service staff
Well its a long story.
I took a loan out with 118118 Money for the some of £1500, interest of £613. I am an idiot right?
So me being me, i want to get this paid off asap.
i have paid off £528 off already however, will i be liable for the full term's interest of 12 months, if i pay it off early? there t&c's arnt brilliant or there customer service staff
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Comments
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Phone and ask them for the settlement figure.Censorship Reigns Supreme in Troll City...0
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They say i have to pay the full wack, then they "may" be able to give a rebate, id rather pay £300 interest within 6 months, rather than having to pay an extra £300!0
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I did their little test and it told me to go to my bank for a loan, that's good of them to give that advice and not try and flog me their loan.Nothing to see here, move along.0
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EU law allows personal loans to be paid off early, saving the interest.0
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Some lenders get around this by quoting a 'settlement fee', though. And lenders are allowed to charge up to two months' interest as a penalty for settling early.EU law allows personal loans to be paid off early, saving the interest."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Some lenders get around this by quoting a 'settlement fee', though. And lenders are allowed to charge up to two months' interest as a penalty for settling early.
1 month penalty if the loan is <=1 year.
They shouldn't be charging settlement fees. That's what the interest penalty is for.0 -
118118Money looks well dodgy. They're clearly copying the image of the telephone enquiry company 118, even to the extent of having a logo with a couple of 1970s !!!!!! stars with 118 on their shirts.
The most amusing thing is their Ts & Cs link, which appears to entirely relate to your visiting and accessing their website, and nothing whatsoever to do with their money lending.Optimists see a glass half full
Pessimists see a glass half empty
Engineers just see a glass twice the size it needed to be
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118118Money looks well dodgy. They're clearly copying the image of the telephone enquiry company 118, even to the extent of having a logo with a couple of 1970s !!!!!! stars with 118 on their shirts.
...
They are the same company: http://www.118118money.com/about-us/0 -
“Settlement Amount Quotation” means the amount (including any applicable interest) you must pay in order to make an early settlement, either in full or in part, of the loan
So basically they cannot charge more than a month's interest, considering the loan term was 12 months, and there is only 9 months left.??0
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