Secured loan admin fees

Jodiieleanneex

Total repayable after 7 years is 10417.20

Jodiieleanneex

You seemed pretty switched on gas
If you could let me know any update that would be appreciated.

maas

Are you sure the interest rate is not 27.20%, rather than 27.02%?

Either way it looks about right. Your balance on £5000 would be around £4750 after 12 payments on 7 year loan, and if there is an outstanding £700 fee and interest £130, that puts it at around £5600?

Jodiieleanneex

Hi Maas

Yes it’s 27.02%
If my settlement letter looks right that’s ok

Next question?
Am I obliged to pay these fees?

Gaz83

Did you agree to pay them when you took the loan out?

BrassicWoman

Jodiieleanneex wrote: »

Am I obliged to pay these fees?

Why do you think you should not be obliged?

Jodiieleanneex

Because my documents tell me I should have a rebate on the fees for early settlement upon challenging them their answer is we don’t do rebate on fees.
So why is it in their contract?

BrassicWoman

Jodiieleanneex wrote: »

Because my documents tell me I should have a rebate on the fees for early settlement upon challenging them their answer is we don’t do rebate on fees.
So why is it in their contract?

It says "may" not "should." Very important difference.

JimmyTheWig

Gaz83 wrote: »

If your APR is 27.02%, then this means that per month it's 2.251% interest.

There's a difference between APR and interest. APR includes charges.
Presumably, in this case, it includes the £900 fees.

Gaz83

JimmyTheWig wrote: »

There's a difference between APR and interest. APR includes charges.
Presumably, in this case, it includes the £900 fees.

I'm obviously simplifying a bit. Know your audience and that.