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Hi
I am looking at the technicalities of laying out a loan agreement
Several years ago I sent a request off to what was then Halifax for a Section 77 copy of an agreement.
The agreement came back and the financial particulars show the loan amount , the interest rate and the total charge for credit.
There is then a line that says the total charge for credit includes an arrangement fee of £100
I do not know if I was paying interest on this £100 or not.
I have been paying this off at a small amount each month, for the last few years I have been making the payment to an agency, currently Robinson Way but on reading other websites i think this agreement may be wrong and i could stop paying without any comeback
The loan was taken out in 2005 for 5 years and I have so far paid about 50% off
Any advice
I am looking at the technicalities of laying out a loan agreement
Several years ago I sent a request off to what was then Halifax for a Section 77 copy of an agreement.
The agreement came back and the financial particulars show the loan amount , the interest rate and the total charge for credit.
There is then a line that says the total charge for credit includes an arrangement fee of £100
I do not know if I was paying interest on this £100 or not.
I have been paying this off at a small amount each month, for the last few years I have been making the payment to an agency, currently Robinson Way but on reading other websites i think this agreement may be wrong and i could stop paying without any comeback
The loan was taken out in 2005 for 5 years and I have so far paid about 50% off
Any advice
