Send to a Friend "Repayment penalties fail to curb consumer debts"
It has been commented that early repayment penalties on personal and other types of loans is not a good method of bringing consumer debts low. Although, the size of the penalties has been reduced to two months’ interest.
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It has been commented that early repayment penalties on personal and other types of loans is not a good method of bringing consumer debts low. Although, the size of the penalties has been reduced to two months’ interest.
London (loans-bazaar) Sep 22, 2206: Comments from one of the service provider shows that an early repayment penalty on personal and other types of loans is not an effective method of reducing consumer debts. Even, lowering the repayment penalties to two months’ interest by Consumer Credit Act recently is also unable to produce any fruitful result.
Early repayment penalties are charged from people who want to pay off the loan taken by them before the end of its term. Early redemption fees, redemption charges and financial penalties are some of the other terms used to refer early repayment penalty.
A spokesperson for Zopa, James Alexander says that early repayment penalties are a classic example of self-serving sharp practice by the financial services industry, designed to protect and increase profits at the expense of encouraging customers to do the right thing with their money.
In order to lessen excessive personal debt he suggests that ministers should ban the practice together with exit penalties on pension transfers. Official figures show that Britons currently owe personal debts of over £1 trillion, a 10.5 per cent increase over the last year.
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