early repayment fees

This topic contains 1 reply, has 2 voices, and was last updated by Profile photo of MrsRobbo MrsRobbo 2 years, 4 months ago.

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    Profile photo of Carly C
    Carly C

    Oh my god, I want to pay a loan back early, a big loan for £20k over 15 years. We had the loan 8 year and already paid back £23k with another 7 years to go. I’ve come into some money and called to repay the remainder only to be charged with another £3 early repayment charge! They really have you over a barrel don’t they!

    Profile photo of MrsRobbo

    Presume you mean £3k not £3? That’s really overboard isn’t it. I think if you look into it, many of these companies have been fined by the financial ombudsman for creating unfair exit fees, in effect, trapping customers into paying the loan each month and therefore paying more in interest. I’d write to them offering the the full amount minus the fees as a full and final payment and see if they accept it. If they insist on the ridiculous fee, then tell them you’ll write to the financial services ombudsman and see if that changes their mind. Then if not, write to the ombudsman and see if they will get involved x

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