Results 1 to 3 of 3

Thread: Early termination fee on hp

  1. #1
    Silver Member Christel's Avatar
    Join Date
    Feb 2012
    Location
    Port Elizabeth
    Posts
    360
    Thanks
    57
    Thanked 96 Times in 68 Posts

    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....

  2. #2
    Diamond Member Blurock's Avatar
    Join Date
    May 2010
    Location
    Durban
    Posts
    4,151
    Thanks
    758
    Thanked 886 Times in 735 Posts
    Blog Entries
    7
    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...

  3. Thanks given for this post:

    Christel (20-Jul-12)

  4. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,649
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    The CPA does allow for an early termination fee. Some finance houses charge it and others don't, but it's legal.

  5. Thanks given for this post:

    Christel (23-Jul-12)

Similar Threads

  1. Employee Absconded - termination date?
    By J7J in forum General Business Forum
    Replies: 0
    Last Post: 28-Oct-11, 01:04 PM
  2. Leave due on termination of employment
    By duncan2011 in forum Labour Relations and Legislation Forum
    Replies: 12
    Last Post: 13-Apr-11, 10:25 PM
  3. [Article] TERMINATION OF FIXED TERM CONTRACTS
    By BBBEE_CompSpec in forum Labour Relations and Legislation Forum
    Replies: 0
    Last Post: 03-Nov-09, 11:56 PM
  4. Loadshedding early warning
    By JTech in forum Electrical Load Shedding Forum
    Replies: 9
    Last Post: 22-Apr-08, 03:31 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •