Just received a reply from London Mortgage company
It quotes " With reference to the ERC applicable to your account, we must refere you to your Credit Agreement, copy enclose.
As stated under section 6.1 of the 'Terms of the Agreement' should you wish to settle the above account early an Eearly Repayment fee will be due. The terms also state that within the first five years of the loan this is charges at six months
interest, along with our reasonable costs of discharging the loan.
The settlement figure produced for Ideal Loans was therefore calculated accordingly.
The Early Repayment Charge has therefore been based upon the outstanding balance of £40,467.97 as the capital balance at the time along with the
interest due up untill the settlement date. In respect, six months
interest has been calculated as £2.426.08. The Legal discharge fee of £75 00 has been charged in accordance with ouyr schedule of fees at that time.In coinclusion, as the above charges have been made in accordance with the Terms and conditions of the Loan we are now unable to return these amounts to you.As stated on the Credit Agreement in signing this agreement you agreed to the Terms and Copnditions "
Unregulated Credit Agreement London Personal Loans
The Loan £35 000 180 months Paid back exactly 1 yr later.
P P I .unlawfully added 5 600 Single cover
ERC 2,428.08
Can you help me unravel the figures,
do I forget the ERC now, or send a copy of your letter , as I do beleive that this is still an unfair penalty.Im getting a bit out of my depth here and would appreciated advice a s a p
Many thanks
Lynn
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London Mortgage Company ADVICE PLEASE 
