Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Hi all, I’ve just paid off a car finance agreement early and I’ve been hit with a £250 interest charge. I asked the bank for a Breakdown and, the final interest charge is for the period 26/5/08 to 26/6/08 but I settled the loan on 2/6/08, seven days into the aforementioned interest period. So I have been charged 24 days interest on money I didn’t owe – equivalent to £194. The bank is refusing to give me a rebate. Is this legal?
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it's legal under early settlement of loans regulations
but............
have you checked that the interest they say you've been charged so far is correct. you'll find that they may have overstated the interest you paid earlier in the loan but the figures need checking through an amortisation calculator (search google)
they're allowed to charge interest up to a maximum of two months after you ask to settle the loan.
Car finance – final interest calculation
charge. I asked the bank for a Breakdown
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Re: Car finance – final interest calculation
