Early Termination charges

Universalb | 12:38 Tue 17th Jan 2006 | Business & Finance

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I have a trading account and a loan account with the same bank. I wish to move both to another bank...is there any way to avoid paying the "3 months - interst" payment charge for terminating the loan early.

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Oneeyedvic

I am assuming that this is a non-regulated agreement because it is either to a limited company or the laon was above �25,000.

If either of the baove is true, then you have no chance.

If it is a regulated agreement (regulated by the Consumer Credit Act 1974) then it certainly shouldn't be three months interest.

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