Creation loan dishonesty

Bickey

Had a loan with Creation.co.uk for solar panels at my last statement period I owed £6064.30 but the balance outstanding was £5985.70 so I asked for an early settlement figure this was £6075.10 , a confirmation letter was sent to me stating "that you decide to settle early you would be entitled to a rebate of £89.40 which would be deducted from the outstanding balance of £6075.10 if paid by the 6/8/18 so I did but am not entitled to a rebate !! Confused because I am and after several telephone conversations with the company the tell me that the letter is worded incorrectly and that the £89.40 is what I saved over the loan agreement ? I am now completely baffled...………….:mad::(

Pixie5740

Bickey wrote: »

Had a loan with Creation.co.uk for solar panels at my last statement period I owed £6064.30 but the balance outstanding was £5985.70 so I asked for an early settlement figure this was £6075.10 , a confirmation letter was sent to me stating "that you decide to settle early you would be entitled to a rebate of £89.40 which would be deducted from the outstanding balance of £6075.10 if paid by the 6/8/18 so I did but am not entitled to a rebate !! Confused because I am and after several telephone conversations with the company the tell me that the letter is worded incorrectly and that the £89.40 is what I saved over the loan agreement ? I am now completely baffled...!!!8230;!!!8230;!!!8230;!!!8230;.:mad::(

You repaid the loan early and saved yourself £89.40 in interest compared with letting the loan run for the full term.

Bickey

Not quite as I had another 5 years to go and was paying about £60 a month in interest ?

[Deleted User]

You don't get 60 months x £60 for settling early.

Bickey

venison read post properly I was told £89 X1 ? NOT 60 X £60 ?