HOBBLEIT'S BLOG

hobbleit

It won't work so why try?
Saturday, August 16, 2008

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
-x-

COMMENTS

Sunday, August 17, 2008 3:07 AM

HOBBLEIT


Yeah its an early payoff fee. If you close the loan early you get charged 58 days worth of interest on top

Saturday, August 16, 2008 2:43 PM

MSB


HUGS Hobbleit...people are just stupid

Saturday, August 16, 2008 3:49 AM

NCBROWNCOAT


I assume that's a early payoff fee on loan? You can't do that here in North Carolina except on some home mortgages and soon that may be gone too with all the uproar on "predatory home lending" here in the States.

Mainly the home mortgage "crisis" here is that people took out loans that they couldn't afford to pay back and assumed that the value of their houses would rise and rise and rise.


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