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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7609
Experience:  BA (Hons), PgDip, Practising Solicitor
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since january 2009 i have been off work sick and i have missed

Resolved Question:

since january 2009 i have been off work sick and i have missed 2 or 3 payments on my car fiance it should finish in march but i am getting prussed by the fiance company put another £100 pound intrest on can this be legal what can i do without them taking my car
Submitted: 7 years ago.
Category: UK Law
Expert:  Thomas replied 7 years ago.



The contract under which the car was purchased will state when interest becomes payable and how this is calculated. It is very common if you miss payments for interest to be charged on the amount of the missed payment until you settle the outstanding sum.


If you are concerned about th amount you think they have charged too much then ask for a detailed calculation of how this interest was accrued to be sent to you and compare that to how interest is stated to be calculated in your contract. You will only have to pay interest at the contract rate.


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