I took out a loan on 14/09 for which my repayment date was 15/10. I settled the loan on 05/10. After settling the account, I observed that a charge had been put through for 2 monthly service charges even though my loan was settled within 21 days. This equates to 2/3rds of a month. This is as far as I am concerned and just a way to absorb the interest that I would have had to have paid had my loan run the full term. Furthermore, my introduction to this company was solicited via direct marketing. AVOID THIS COMPANY AS FAR AS POSSIBLE. If I am wrong in what I am saying, please provide me with proof that you are allowed to deduct a monthly service charge twice if the loan is taken out in one month and has to be settled in the following month. I can understand if I do not pay and my loan exceeds the agreed period, but I paid this loan up early and should get interest back, not be penalised for early settlement.
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