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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 50169
Experience:  Qualified Solicitor
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I have a loan which I have completed but they say that there

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I have a loan which I have completed but they say that there are charges still outstanding I incured charges because although I paid every month without fail it was not always on the correct date
Hello, my name is***** am a solicitor on this site and it is my pleasure to assist you with your question today. Haver you checked the loan agreement to see if you were liable for such charges if not paid on the correct date?
Customer: replied 2 years ago.

yes I think I knew I was but I did not know I would have to pay £346 as a closing fee and that the fees would be on top of fees if you see what I mean

OK but have you checked the terms of the loan to see if these fees were specified and if it was made clear to you that it is what you would have to pay if you did not pay on time?
Customer: replied 2 years ago.

No I probably didn't

Customer: replied 2 years ago.

ok thanks

Your position will very much depend on what the loan terms said. It is not uncommon for lenders to apply hefty charges if a loan is not repaid on time. They are very strict about this and expect payments to be made as agreed – a set amount on a set day. If you default by not following these specific terms they could impose penalty charges, even if you paid them a few days later. The fact is that there was an initial failure to adhere to the loan terms and that places you in breach and liable for whatever penalties they have stated in the loan agreement.
So it is important to check the loan agreement carefully to see if they had stipulated a specific date for payment and if it also said what would happen if you did not pay them on time. If there is a specific term allowing them to impose these charges then they can do so – many people end up with a much higher figure than initially quoted if they do not repay on time. However, if no such clause existed you would be able to challenge them so carefully check the terms to be satisfied that they are able to do this under them.
I trust this has answered your query. I would be grateful if you could please take a second to leave a positive rating (selecting 3, 4 or 5 starts at the top of the page). If for any reason you are unhappy with my response or if you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
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