Early Repayment Charge

rogers

$ Saving Second Grader

Join Date: May 2014

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#1

Early Repayment Charge

07-14-2014, 04:50 AM

What is an Early Repayment Charge (ERC)?
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snafu

$ Saving Assistant Professor

Join Date: Nov 2006

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#2

07-14-2014, 05:27 PM

ERC is written into some contracts, mostly likely in Mortgage Contracts preventing the mortgagee from paying off the mortgage early. Before signing any contract the borrower needs to understand the terms and condition. The Bank Ombudsman has authority to null that agreement if the borrower can prove that aspect of the loan was not explained and was no understood.
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