Greenwood Finance - early settlement discount

They are required by law to give you a settlement figure. Report them to trading standards if you don't get one out of them.

It's probably down to the terms & conditions.

The TMF Dealing with Debt forum may know more -

Some of the helplines on my webpage might be able to advise

Daytona

In message , Kermit writes

I think you are asking them the wrong question. You appear to be asking if she will get a discount, what you should be asking is for a 'settlement figure' which they are obliged to give her. This will show you if she is getting a 'discount' or not by comparing the settlement figure with the result of = (£1200 - payments made to date).

Bear in mind that if she is in arrears then the extra interest that will have accrued on the amount unpaid may have increased the total payment figure of £1200 if she was to continue to the end. They should give you a settlement figure below £1200 to reflect the shorter period of the loan.

I believe that Greenwoods are owned by Provident, and that the interest is front-end loaded. This means that she should not be charged any extra interest if she is late with a few payments (although she should still get a settlement figure (probably calculated according to the rule of 78) if the loan is settled early.

Mark

In message , Mark O'Keeffe writes

Fair enough. I defer to your better knowledge.