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While the Consumer Credit Act recently limited the size of early repayment
penalties to two months' interest, internet lender Zopa has called for the fees
to be scrapped altogether.
James Alexander, a spokesperson for the company, explained: "Early repayment
penalties are a classic example of self-serving sharp practice by the financial
services industry, designed to protect and increase profits at the expense of
encouraging customers to do the right thing with their money."
Alexander urged ministers to ban the practice together with exit penalties on
pension transfers, as consumers are "struggling with excessive personal debt".
Source:
Getting Paid
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