Common use of Full Prepayment Clause in Contracts

Full Prepayment. If you pay the unpaid balance in full before the final payment is due (full prepayment), you may be required to pay a fee or charge to compensate the creditor for any loss resulting from the full prepayment. The creditor may have suffered a loss if the creditor’s current interest rate is lower than the interest rate applying to your original consumer credit contract. You may also have to pay the creditor’s administrative costs relating to the full prepayment. The amount you may have to pay to compensate the creditor for the loss is calculated using the formula prescribed in regulation 9 or regulation 11 of the Credit Contracts and Consumer Finance Regulations 2004. Additional payments may be made at any time over and above the scheduled amount listed under the payments section above. As a responsible lender we encourage you to do this if possible as it will ultimately reduce the amount of interest and fees charged and reduce the time taken to pay the account off. DCO Finance is not obligated to provide a refund of any partial prepayments received while a blance is outstanding.

Full Prepayment. If you pay the unpaid balance in full before the final payment is due (full prepayment), you may be required to pay a fee or charge to compensate the creditor Creditor for any loss resulting from the full prepayment. The creditor Creditor may have suffered a loss if the creditorCreditor’s current interest rate is lower than the interest rate applying to your original consumer credit contract. You may also have to pay the creditorCreditor’s administrative costs relating to the full prepayment. The amount you may have to pay to compensate the creditor Creditor for the loss is calculated using the formula prescribed in regulation 9 or regulation 11 of the Credit Contracts and Consumer Finance Regulations 2004. Administrative costs/ fees: $10 Additional payments may be made at any time over and above the scheduled amount listed under the payments section above. As a responsible lender we encourage you to do this if possible as it will ultimately reduce the amount of interest and fees charged and reduce the time taken to pay the account off. DCO Finance FINANCE is not obligated to provide a refund of any partial prepayments received while a blance balance is outstanding.