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What do you do when a lender refuses to take full repayment of a loan....

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  • What do you do when a lender refuses to take full repayment of a loan....

    Hi,

    I offered a lender full repayment of the loan I have with them. They said 'no'. They also wont give me a redemption statement either?
    Can they do this?

    Thanks
    Tags: None

  • #2
    Who is the lender ? and what kind of loan is it ?

    Do you have a copy of the agreement and are there any terms about early settlement etc ?
    #staysafestayhome

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    • #3
      The Lender is called Mint Bridging. Its unregulated I think 400k for a bridging loan in 2016 on a property that was to be a buy to let? Its not an early repayment. Its reached the end of its term and I want to repay, have the finance organised but they have refused. They wont give me a redemption figure either. I'm lost as to why they wont accept it, they wont give me a reason and Im completely powerless. They are now charging me 3% per month as they say Im over time but they wont accept a repayment? The agreement is 36 pages long and it doesnt talk about redemption from what I can see.
      Any thoughts?

      Comment


      • #4
        The Lender is called Mint Bridging. Its unregulated I think 400k for a bridging loan in 2016 on a property that was to be a buy to let? Its not an early repayment. Its reached the end of its term and I want to repay, have the finance organised but they have refused. They wont give me a redemption figure either. I'm lost as to why they wont accept it, they wont give me a reason and Im completely powerless. They are now charging me 3% per month as they say Im over time but they wont accept a repayment? The agreement is 36 pages long and it doesnt talk about redemption from what I can see.
        Any thoughts?

        Comment


        • #5
          Haveyou written to them? there can be confusion with call centre staff. I would write to them send payment and say that presentation to their bank is acceptance of the re-payment.

          Comment


          • #6
            find another credit institution

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            • #7
              Have a look here:- "https://mintpropertyfinance.co.uk/wp-content/uploads/2021/02/MPF-Tariff-of-Charges-Document-Version-2.0-%E2%80%93-260221.pdf"

              Link would not embed.

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              • #8
                Just spotted this is an old post.

                SORRY.

                Comment

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