It won't work so why try?

Saturday, August 16, 2008 11:01 AM

Hi there,

Yesterday I had three people phone up and they asked how they could beat the early settlement fee on their loans. There is just one problem with that. YOU CAN'T BEAT THE EARLY SETTLEMENT FEE!!!

It's not possible. It's applied to the quote and if you try to beat it by paying off so much and leaving enough for one payment then a fee is applied on the final payment. Either that or the loan just won't close and the remaining amount will just sit there and accrue a hell of a lot of interest.

I told one woman that and she said she didn't care if that happened as long as she didn't have to pay the fee. She didn't seem to want to listen that the esf was only 58 days of interest and if she left £100 and the loan didn't close then she would get 7 years of interest.

Another woman asked me what her loan balance was and then said she wanted to pay off all but £10 of that. Then she asked if she would get charged so I told her she wouldn't get charged for that payment. I never said anything about the money that was left so technically she can't complain if she gets charged the settlement fee on her final payment.

I just needed to rant about the stupidity of some people.

TTFN

Jennifer
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