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

[badger123]

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

[Amethyst]

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 ?

[badger123]

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?

[badger123]

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?

[seduraed]

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.

[Milupa]

I have not encountered such a situation. I think that the creditor has no right to do so. but you should consult with professionals in this area.

maybe this company https://instant-loans-usa.com/title-loans/texas will answer your question.

I took a title loan in this company last year and they consulted me on all issues of interest to me in this area. write to them about your problem. they have contacts on their website

[paulajayne]

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.

[paulajayne]

Just spotted this is an old post.

SORRY.

[IAmElnaBotha]

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