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inrent interest

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mumof2girls View Drop Down
Newbie
Newbie


Joined: 24/November/2017
Location: Australia
Posts: 5
  Quote mumof2girls Quote  Post ReplyReply Direct Link To This Post Topic: inrent interest
    Posted: 24/November/2017 at 13:11
Hi
My mother has a bunch of things she is paying of at inrent, I am now doing her budget (easier as I love doing them and can do everythiing online), I am paying them off way earlier than expected but they say she has to pay all the interest that would be paid over the 3-5 years anyways whether it is paid off early or not....is this legal, can they really do that??

Eddy View Drop Down
Senior Member
Senior Member


Joined: 14/December/2012
Location: Australia
Posts: 130
  Quote Eddy Quote  Post ReplyReply Direct Link To This Post Posted: 24/November/2017 at 14:46
I believe it would be and that they can.

Check and see what the contract details say. It probably says something along the lines that interest is added at the start of the contract based on the item cost (loan amount), interest rate and payback period.

mumof2girls View Drop Down
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Newbie


Joined: 24/November/2017
Location: Australia
Posts: 5
  Quote mumof2girls Quote  Post ReplyReply Direct Link To This Post Posted: 24/November/2017 at 15:43
I will have to get her to check as she lives in a different town then me...it seems suss as they never use to be able to do this

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