TSB early settlement fee

chilun73

Hi Guys,

Newbie to the site so Wonder if you can help me please.

I got a TSB loan which has a outstanding balance of £7063.02 and paying £234.33 per month. I got enough to pay this off now so i thought i would pay £7000 then just leave £63.02 to pay to avoid the penalty. I stupidly tried to see a early settlement figure online to see how much it would be not knowing they would actually send me a letter acknowledging i had requested this, then a few days later paid £7000 ( This was before they had sent me a letter )

So today i had two letters, one saying that i had not paid enough to settle the balance which has £340 left which includes the settlement fee and one saying i had paid £7000 and only have a balance of £63.02, on this letter it states that it is too late to adjust the normal mounty instalment of £243.33 but will be refunded the difference after this has been cleared.

My question is, will i now have to pay the full settlement fee or would i only pay £63.02 which is remaining?

Thanks in advance

Alan

jonesMUFCforever

Phone them and ask?
I would have thought the settlement letter/quote is only valid for a certain time and if you do not pay the loan off within this time then they should not claim the ESF - but that is just my opinion.

Penelopa.Pitstop

I had the same issue with Lloyds and after complaining on the phone they closed my account and refunded whatever was overpaid and waived early settlement fee. You can try that. https://forums.moneysavingexpert.com/discussion/comment/71308786#Comment_71308786

I was told information about paying within 30 days of requesting settlement is in T&C.