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Early Redemption Charges?


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Is it possible to reclaim an early redemption charge?

 

We had a loan for £4500 in which we repaid roughly £1000 back in the first year, we then took out a consolidation loan which covered the £4500 plus a few other bills!

Because we paid off the £4500 loan early the company whacked us with an early redemption charge of at least £4000!

Although we do not owe them money now I still feel rather miffed that they took £9000 from us in total.

I know most of the fault is my own for not reading their T & C's correctly but surely that charge was over excessive?

 

I'm considering sending them a S.A.R to see what the charges are in total, If there's any way I can get even some of that cash back then I'll be going straight for their jugular!

Has anyone ever had success in claiming back a charge like that?

All info appreciated,

 

Thanks, Kev.

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