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gordonhall

Secured loan - early redemtion figure

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Can I assume, just like those with mortgages, an "early redemption figure" of 6 months interest, is also unenforcable?

 

I have a loan, over a 10 year period, covering £40K. It is secured against my house. However, the interest rate has gone up, in line with base rate, from 8.9% to 9.4%, and it's too much. I'm moving my debt elsewhere, but as I've only had the loan for a year, they are wanting to charge me this early redemption figure of 6 months interest (approx £1800), plus a Security release fee, which is a further £175. I don't have a problem with the release fee, but I think the interest, although it IS in their terms and conditions, is unfair and doesn't reflect any costs.

 

Advice please????


.

Barclays - £268 - Moneyclaim

Capital One - £172 - Moneyclaim

Abbey (2nd claim) - Moneyclaim

---------------------------------------------------

 

HSBC - £2164.46- PAID IN FULL

MBNA - £471 - PAID IN FULL

NatWest - £307 - PAID IN FULL

Abbey Business - £314.15 - PAID IN FULL

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Sorry, meant so say the loan is with a finance company, and not a bank, but it is regulated by the FSA.


.

Barclays - £268 - Moneyclaim

Capital One - £172 - Moneyclaim

Abbey (2nd claim) - Moneyclaim

---------------------------------------------------

 

HSBC - £2164.46- PAID IN FULL

MBNA - £471 - PAID IN FULL

NatWest - £307 - PAID IN FULL

Abbey Business - £314.15 - PAID IN FULL

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Share on other sites

Hi Gordon,

 

As the loan is over 25K it is not a Regulated agreement so you can claim the redemption interest back. You can try negotiating your way out of paying it but generally they won't release the charge from the house until you've paid it. Several people have also been successful in claiming the release fee.

 

All the best

 

Zoot

  • Haha 1

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Thanks Zoot. I was planning to pay it, wait a month or two and then get mad on their @ss. All part of the big plan. Thanks for confirming that to me though.

 

I LOVE THIS GROUP!!!!


.

Barclays - £268 - Moneyclaim

Capital One - £172 - Moneyclaim

Abbey (2nd claim) - Moneyclaim

---------------------------------------------------

 

HSBC - £2164.46- PAID IN FULL

MBNA - £471 - PAID IN FULL

NatWest - £307 - PAID IN FULL

Abbey Business - £314.15 - PAID IN FULL

Share this post


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Share on other sites

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