I took out a personal loan with a small local firm, I signed all the relevent paperwork when I took out the loan. Halfway through paying the loan the agent told me that if we couldnt make a payment we would incure a 10 pound late fee to be added at the end of my loan. Can he do this? I stupidly took out another loan from him, in which I have since paid in full, he is now telling me I have 90pounds of late fees to pay, And informs me that if I default a payment he will add another 10 pounds! Is this right? Please help!!I
Doesn't the paperwork you signed mention anythng about late payment fees? To be honest most loan companies will charge you for late/missed payments and most of them will charge more than �10 as well.