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Hello all.

 

Due to ill-health and being self-employed, I had to resort to getting a Sunny loan to make ends meet for a couple of months.

 

All fine, but am back working so wanted to clear it in full, so called up yesterday asking for an Early Settlement Fee and was told I had to pay the full outstanding amount for the period of the loan. I thought that was odd, but paid it in full nonetheless.

 

After a bit of research yesterday, I came across the Consumer Credit Act (Early Settlement) 2004, which in my feeble brain seems to purport that I shouldn't have been charged full whack to clear the loan and have had the future interest taken off. Or something...

 

Would anybody be able to shed some light on that please?

 

Many thanks in advance, as always!

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I'm not familiar with these regulations. Maybe somebody else will come along who is. However, I would write a letter to Sunny and point the regulations out to them and tell them that you want a reply about it. Tell them that your letter forms the first part of a complaint to the FOS and they have eight weeks to respond to you.


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Interest is charged daily on Pay Day Loans.

 

 

Andy


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There is no early settlement rebate applicable to Pay Day Loans


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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