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Shop Playing Punk. Penalty on Early Settlement

By mdradhi
August 12, 2008 in Biking in Singapore

https://www.singaporebikes.com/topic/13229-shop-playing-punk-penalty-on-early-settlement/

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mdradhi

Posted August 12, 2008

HI bros..

i want to do an early settlement to bike shop for my FBB Vtec III. But instead of reducing the interest (4%/yr) balance of 32mths instalments, they are going to charge me extra which they call 'The Early Settlement Penalty' ( never heard of this my whole life )

Currently total outstanding balance is at $7579.20 ( $236.85/mth ). I will have to pay $8079.20 for early settlement. This is a rip off. They're definately a bully.

I am not going to pay and i would like to get my unused interest back. i need some advise and help on how to overcome this issue. Will writing in to MAS help on this hire-purchase?