A financed fee becomes part of the balance on which the agreement may calculate interest. Its effect is different from paying the same charge separately at the start.
Request a breakdown showing principal, financed charges and money received. Follow each amount through the repayment schedule without assuming that a small upfront payment means a smaller total obligation.
Details
- A financed fee becomes part of the balance on which the agreement may calculate interest.
- Request a breakdown showing principal, financed charges and money received.
- Identify the amount received and the opening balance
- Read fee treatment in the written offer
- Compare the dated repayment schedule
Early repayment terms
Check identity through an independent source
Compare the dated schedule with genuine resources and essential outgoings. Request clarification of an unusual first or final payment before treating it as an ordinary instalment.