AA early settlement differing figures

Nearlyold

Ah so it's not actually the loan amount it's the total payable. At the moment the interest element of your monthly payment is around £60, lenders can charge up to 58 days interest on an early settlement, as the difference in the two settlement figures is about 58 days interest (£120 ish) it would seem that Sandtree has  probably got it right - they'll waive the Early Settlement Charge on consolidation into a new "Top Up" loan  but charge it as normal if you are simply settling the original loan.

baldrico1

Nearlyold said:

Ah so it's not actually the loan amount it's the total payable. At the moment the interest element of your monthly payment is around £60, lenders can charge up to 58 days interest on an early settlement, as the difference in the two settlement figures is about 58 days interest (£120 ish) it would seem that Sandtree has  probably got it right - they'll waive the Early Settlement Charge on consolidation into a new "Top Up" loan  but charge it as normal if you are simply settling the original loan.

When it’s explained like that then it does make sense. Wonder why their customer services team couldn’t explain it like that instead of saying “ that’s just what the system generated” 😂

Sandtree

baldrico1 said:

Nearlyold said:

Ah so it's not actually the loan amount it's the total payable. At the moment the interest element of your monthly payment is around £60, lenders can charge up to 58 days interest on an early settlement, as the difference in the two settlement figures is about 58 days interest (£120 ish) it would seem that Sandtree has  probably got it right - they'll waive the Early Settlement Charge on consolidation into a new "Top Up" loan  but charge it as normal if you are simply settling the original loan.

When it’s explained like that then it does make sense. Wonder why their customer services team couldn’t explain it like that instead of saying “ that’s just what the system generated” 😂

As many contact centre staff are given the bare minimum of training and that mainly focuses on how to use the systems and how to communicate to customers. Rarely are first line staff given proper technical training  and even if they were most are not empowered to use that knowledge to make decisions (and there is a risk they may try to... a little knowledge is a dangerous thing). Hence the "computer says no" sketches, systems have gotten a little smarter since Little Britain so agents sound a little less robotic but the principle is the same.

There are companies out there that do have fully trained and empowered staff, typically aimed at the well off, but the fees you have to pay reflect the additional investment in staff.