Early termination fee on hp

[Christel]

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.

[Blurock]

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.

[Dave A]

The CPA does allow for an early termination fee. Some finance houses charge it and others don't, but it's legal.