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Thread: Early termination fee on hp

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    Silver Member Christel's Avatar
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    Early termination fee on hp

    Hello all,
    I would like to know if the CPA says anything that Wesbank may not charge an Early termination fee if you settle your HP within 1 year of purchase. When my client phoned to get the correct settlement fee, they did not mention anything about this penalty. He only saw it on his final statement...
    I settled a HP in April via MFC, after only 10 months and was not charged any "Early termination fee"...
    Any advice please...
    Thanks.
    always fear when Christel is near....

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    Diamond Member Blurock's Avatar
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    Finance companies have a standard clause that you have to give them 3 months notice of cancellation. They will charge you 3 months' interest if you terminate without notice.

    As far as I know, this has not changed with the CPA, but I will confirm.
    Excellence is not a skill; its an attitude...

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    Christel (20-Jul-12)

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    Site Caretaker Dave A's Avatar
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    The CPA does allow for an early termination fee. Some finance houses charge it and others don't, but it's legal.
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  5. Thanks given for this post:

    Christel (23-Jul-12)

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