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Prestige Finance - Redemption Fees


dadofholly
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Hoping someone can help on something that is out of my area of knowledge.

 

Parents took out a secured loan with Prestige Finance in 2006 - regulated under the CCA.

 

The repayment period is due to come to an end a couple of months and so they only have a couple of payments left.

 

They had a letter in last couple of days informing them that they also owe £900 redemption and the figure has been calculated in accordance with the CCA 1974.

 

Can they make this extra charge even though the loan is not being paid off early?

 

Am waiting for a copy of the T&C's to see what they say, but can anyone give us an idea in the meantime - as we know not everything in the T&C's is lawfull anyway.

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Hi DoH,

£900 for removing the charge seems totally

unreasonable, you are right to get the Ts andCs,

have you seen the actual contract for this loan?

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Not yet Brig - have just seen a copy of the letter so far - only heard about this a couple of hours ago. Will hopefully get the agreement and T&C's in next day or so.

 

I thought the amount sounded a bit steep too.

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Way out imo maybe fees and £100 for admin would

be my idea of fair, unless they are adding a huge penalty

for the early redemtion, again unfair.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Sorry I missed the NOT in the post in that case it's well out of order.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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  • 1 month later...

Have now managed to get hold of a copy of the agreement - but not the T&C's.

 

It states in the agreement that the total charge for credit includes

 

Interest

Brokers Fee

Legal & Documentation Fee

 

and that when these figures are added together with the loan amount, and divided by the months payable = equals the total repayable.

 

So i am asuming this indicates that there is nothing left to pay - there is no mention in the agreement of redemption fees - would i be correct in thinking that these would be included in the legal & doc fees?

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