Settlement value

[undesign]

But i beleive there is one for the mortgages - can anybody confirm this - as 3 months interest on a house is a lot.

Definitely is, recently sold my house. But it is three months less the notice time. You give notice on the day you sell, and it takes a few weeks (if you are lucky) to register/transfer in any event.

I ended up paying 7 days' penalty interest (the difference between 3 months and the time it took from giving notice to the day transfer took place).

 

[Sly21C]

NCA-

I haven't read the act further - I'm guessing installment sale agreement falls under "credit agreement" and mortgage loans under "large agreements".

I sure hope so, a 3 month penalty for a car loan settlement would be catastrophic.

 

[Sinbad]

But i think it depends when you bought the car, otherwise i am going to claim from STD bank my 6k penalty (bought the car before NCA) but settled after NCA.

The NCA had no effect on existing credit agreements.

 

[noxibox]

Never been charged any penalty by Wesbank. And there was nothing about it anywhere in the agreements.

But what you do if there is a notice period is you pay in almost the full amount, leaving just enough owing to be covered by the monthly debit orders over the last three months. Minimises the interest you pay during the notice period. I've done this on home loans.

Definitely is, recently sold my house. But it is three months less the notice time. You give notice on the day you sell, and it takes a few weeks (if you are lucky) to register/transfer in any event.

I ended up paying 7 days' penalty interest (the difference between 3 months and the time it took from giving notice to the day transfer took place).

All my home loans state notice period is waived if the reason for settlement is selling the property.

 

[wolliewolhuter1]

Need a vehicle settlement quote

 

[Sinbad]

Need a vehicle settlement quote

well done there

 

[Waaib]

The online settlement quote includes the settlement fee or penalty when quoted online from my finance company (BMW finance).