Jump to content


Rule of 78


Doublebogey7
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 6372 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi

 

I recently asked for an early settlement figure from the RBOS on an exsisting loan. And yes you guessed it, they have worked out my settlement figure using the dreaded Rule of 78.

I have checked my T&Cs of the loan and it does not mention the Rule of 78 anywhere.

I have wrote to them to complain and stated that they have breached the Banking code and CAP regulations by not stating clearly and without any ambiguity any added charges concerning my loan.

 

Has anyone any experience with this or am I living a pipe dream thinking that they will change their minds and give me a pro rata rebate.

 

Any advice would be gladly received.

Link to post
Share on other sites

HiDB, sorry you didn't get a reply 'til now. I just stumbled in on this one. I'm not sure if I read you correctly, but I don't think you will find a direct reference to the Rule of 78 (as such) in your contract. This is because it is a mathematical "rule" and not a term in your contract.

 

It is basically a formula used in calculate settlement figures. MSE explains it here:-

 

The Rule of 78 explained | MoneySavingExpert.com,

 

or you can google it and get a number of explanations.

 

HTH

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...