What to expect from your lender when it comes to the fees.
Expect your lender to:
Only charge you fees (such as fees for debt collection) that are listed or described in the loan documents that you agreed to and you were told about. Lenders must also describe these fees clearly and accurately.
Help you understand what you’ll be charged for and when.
Pass on fees from third party charges without adding extra costs. Third party fees might include credit-related insurance (optional insurance on your loan that is provided by a third party) or broker fees.
Make their standard contracts, fees and charges available on their website and at any lending branches.
Be prepared to:
Find out what fees you’ll need to pay or might have to pay throughout the contract, especially if you want to cancel, repay the loan early or if you miss a payment.
Top tips
Check the fees and charges you’ll be up for and ask questions if you’re not sure.
If fees appear on your statement that you didn’t expect, have a look in your contract in the fees section to see if it was listed or call your lender and ask what the fees or charges were for. If they weren’t listed or provided for in the contract, the lender can’t make you pay them.
