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niall20
Guest
I got an interest free loan from GE Capital that I intended to pay back in full when due. The first payment came out of my account and I went to pay the loan, only to be told my settlement figure increased when the first payment went out to include 6 months future interest.
I lost my credit agreement, so can't read it to check the conditions - they're going to send me a new one out. But in the meantime, this seems very circumspect. Even if it is the case, surely it should be made clear when you sign up for the loan. They also told me this mechanism of interest calculation is defined by the Irish Financial Services Regulatory Authority - who where disgusted to hear that, as they have nothing to do with it.
Can anyone shed any light on interest-free loans? It seems to be a bit of a murky world.
I lost my credit agreement, so can't read it to check the conditions - they're going to send me a new one out. But in the meantime, this seems very circumspect. Even if it is the case, surely it should be made clear when you sign up for the loan. They also told me this mechanism of interest calculation is defined by the Irish Financial Services Regulatory Authority - who where disgusted to hear that, as they have nothing to do with it.
Can anyone shed any light on interest-free loans? It seems to be a bit of a murky world.