If you pay off a loan agreement early, know that you are entitled to a refund, which mainly concerns some expenses.
Refund of loan contract-oipamagazine.it
If you want extinguish before the deadline the transfer of one fifth of your pension or salary, a personal loan or another type of financing, there are some important things you need to consider.
In addition to obtaining reimbursement of one-off recurring expenses, which are linked to the duration of the loan, you are also entitled to reimbursement of expenses that have no connection with the duration of the contract.
These are the costs of mediation, investigation or practice management, i.e. the amounts that have been paid and, therefore, owed to you. Let’s see how to calculate them and how you should go about requesting them.
Have you signed a loan contract and want to pay it off long before its natural expiry?
The relevant law states that the subscription of a loan, a transfer of one fifth of the pension or salary or any other type of financingcan be extinguished early when you see fit.
If the repayment is made early, the total cost of the loan must be reduced, which is calculated considering interest and costs to be paid for the remaining duration of the contract.
Early loan repayment: what happens?
In other words, when you request repayment of an advance loan (salary-backed loan or other loan), you are required to pay a “early repayment fee”, which arrives up to 1% of the remaining amount owed or, in the last year of the loan, up to 0.5% of the residual amount.
Instead, if the debt that remains to be paid is under 10,000 euros, you are not required to pay the commission. But what is the advantage?
Sign financing contract-oipamagazine.it
Simple: you will not be required to pay the monthly expenses and interest relating to the period following the date on which it occurred early termination.
If, at the beginning of the loan, you paid any one-off expensesyou will be reimbursed for a portion of these expenses.
Reimbursable investigation and management costs
Before 2020, the expenses that were reimbursed were only recurring ones, i.e. expenses linked to the duration of the loan, such as those relating to insuranceespecially if this was paid in a lump sum.
In this case, the customer obtained a refund of the fee relating to the period following reimbursement.
Subsequently, with the Lexitor rulingthe reimbursement also includes expenses related to the termination of the contract, but outside the duration.
We are talking about expenses paid during the signing of the contractsuch as practice management costs, preliminary investigation costs, mediation costs, activation costs.
These are expenses that fall within the amounts that have been paid, therefore subject to reimbursement in the event of early repayment of the loan.
Taxes deserve a separate discussion since, if the loan is repaid early, they cannot be repaid.
Calculate the refund
Surely, the reimbursement calculation due is not an operation within everyone’s reach. This is because counting non-recurring expenses means going behind the curve on the amortization plan and the interest curve.
So, the time criterion must be excluded from the count. A calculator in this case is an excellent ally for understanding the amount of the refund.
Sample financing contract-oipamagazine.it
The above-mentioned cases include loans that have already been repaid, such as salary-backed loans, personal ones or those finalizedwith which you can claim the right to request a higher refund.
The possibility becomes concrete only for all contracts expired starting from the date dated 19 September 2010without prejudice to the limits imposed by ten-year prescription. The advice is to contact a professional.
2023-09-10 09:26:37
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