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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.
    The trouble with opportunity is it normally comes dressed up as work.

  5. Thanks given for this post:

    Christel (23-Jul-12)

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