Loan Repayment

jgregory9

I am about to repay a loan and have been sent resettlement figures by the loan company. The brakedown is as follows:
Balance outstanding £15,373.26
Add interest to settlement date of 11/09/2007 £ 182.52
Add early settlement fee £ 133.65
Add fee for discharge of security £ 200.00
Total amount payable £ 15,889.43
My question is, are the figures highlighted in red legal?
Can anyone help????

wannabedebtfree_2

The early settlement fee is fairly standard - usually a % of the loan amount dependant on how far into the term you are, not all loans do this but most do.

As for the second fee, I am assuming that this was a secured loan on a property or an item, and I would think this covers the legal fees for removing their 'hold' on that item - if it isn't a secured loan then I have no idea! Ring and ask for the reasons behind each charge.

jonesMUFCforever

Whilst legal, see the terms and conditions of the loan to which you signed.
I say this because a lot of charges can be removed for free (or next to free)from Land registry so a lot of this charge will be profit.

If you want a quick end pay the whole amount now 'under protest' (unless of course it is in black and white on your loan agreement!) and complain later.