Insulation - I want to repay the loan early

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Based on our experience to date, the feasibility of paying off your insulation loan early will depend on whom you took the loan out with. If the loan was taken out with a bank, building society or was a further advance on your mortgage – you may be liable for early repayment charges. If this is the case, your first step should be to contact them to check what any charges are.

Any early repayment charges should have been disclosed to you up front or made clear in your loan agreement. If it is the case that you were unaware of the early repayment charges then you should write and complain to the loan provider in order to ask for these charges to be waived. As a last resort, you can complain to the Ombudsman and ask them to arbitrate your case, but you should bear in mind that if an early repayment clause is included within your deal you are unlikely to obtain redress unless you can demonstrate that you were misled.

If you had the insulation installed under the Green Deal, it may not be in your interests to pay the loan off early, since Green Deal loan repayments are tied to the property, not the individual.

resolver can help you to deal with any issues arising quickly, without hassle and for free! As a first step we can help you write your complaint. Click the link below to create your email.

If you cannot resolve your issue you cannot raise your case to the Ombudsman until 8 weeks after you have first raised your complaint with the company, or you have received a ‘letter of deadlock’ from the company stating that they cannot resolve the issue as you have asked. Your complaint must also not be older than 9 months. For an accurate decision by the Ombudsman you should provide a detailed file of your communications and supporting documentation. In addition make sure you explain what you want as an outcome as this will help assess your case.

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