Prepayment Rights: Difference between revisions
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{{REVIEWEDPLS | reviewer = [[Alison Ward]]|date= August 2018}}{{Consumer and Debt Law TOC|expanded = | {{REVIEWEDPLS | reviewer = [[Alison Ward]]|date= August 2018}}{{Consumer and Debt Law TOC|expanded = mortgages}} | ||
'''Prepayment rights''' enable a borrower to pay off or pay down a debt earlier than when periodic payments are due. | '''Prepayment rights''' enable a borrower to pay off or pay down a debt earlier than when periodic payments are due. | ||
== Client problems == | == Client problems == | ||
* | * Client wants to pay off a mortgage and wants to know if they can do this and how much has to be paid.
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* Client wants to pay off a consumer loan or a credit card account and wants to know if they can do this and how much has to be paid.
| * Client wants to pay off a consumer loan or a credit card account and wants to know if they can do this and how much has to be paid.
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== Summary of the law== | == Summary of the law== | ||
[[File:Consumer_Law_and_Debt_-_Prepayment_Rights.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | [[File:Consumer_Law_and_Debt_-_Prepayment_Rights.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] |