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How should an early repayment charge be read?
Find the condition that triggers a charge and the calculation applicable to the product.
Its label alone does not reveal whether a partial payment and full settlement are treated alike.
Ask for a current breakdown before deciding the effect of repaying early. Rules differ by agreement and jurisdiction, so a general guide cannot promise a universal fee-free exit.
Compare secured and unsecured structures
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.