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No Early Settlement Rebate - Is this right?


julian1968
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Hi

 

I have a personal loan with Natwest all paid up to date and fine. Had the loan for around 13 months and have asked for an early settlement figure thinking I would get a rebate on the interest. They tell me not so. The early settleemnt figure has come and states no rebate under S95 of consumer credit act 1974 or under the agreement.

 

Does this sound right?

 

Thanks

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What do your terms and conditions, and contract say?

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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Does the loan incur interest on a monthly basis, or front loaded, ?.......If so you don't get a rebate for paying off early. The settlement figure will be the balance plus pending month's interest plus 1 month penalty for early repayment.

 

 

Andy

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