|
|
Post by bracknellboy on Nov 23, 2013 13:02:22 GMT
Interesting reply from loan applicant on 4103. Never looked at the borrower Ts and Cs before, but apparently early loan redemption has a 1 month interest payment penalty. Ummmm, wonder where that goes....
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Nov 23, 2013 13:41:00 GMT
This is not new and more precisely if the borrower repays early then interest is added up to the next normal repayment date, so it is best to repay just before a repayment is due. It goes to the lenders, for once. FC never gets interest, only fees. I remember in the early days when I had late payers I noted with satisfaction that late fees were sometimes added to the account, until I realised that they were for FC. I suppose they have extra costs 'chasing the borrower'.
|
|
|
|
Post by bracknellboy on Nov 23, 2013 15:43:34 GMT
This is not new and more precisely if the borrower repays early then interest is added up to the next normal repayment date, ... Ah, well the applicants statement would be 'new' if it was not inaccurate.
|
|
