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What should I check after a refund reaches the lender?
A refund from a purchase may alter the loan account according to product rules.
Confirm when it was received and how the provider applied it.
Request an updated balance and schedule before assuming instalments stopped. Returning an item and settling the financing are related events that may require separate confirmations.
Prepare a question about a loan charge
Collect the date, amount and contractual wording, then follow the provider's relevant enquiry process.
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.