QLD Do I Have to Pay Annual Fee for Personal Loan Account?

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Robmal

Member
23 November 2016
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I used a zero interest loan to purchase solar panels. I paid the personal loan within the required period. I then received a message that I was in credit so I requested a refund and closure of the account (by phone). I kept receiving monthly statements with zero balances, so I replied to one of those emails with a written request to close the account.

Their email did have a notation that:

"This is an unmonitored email address so please do not reply to this email. If you have any questions about your account, please call xxxx xxx xxx."

However, I was working night shift at that time and long hours so it was the only option I could see. Recently I received a telephone call from a collection section of the financier asking when I will pay the outstanding balance.

When I asked what that was for they told me it was an annual renewal fee, I informed them I had requested that the account was closed. They asked me to pay the amount and then they would close the account. I refused to pay anything.

Do I have to pay that annual renewal fee?
 

Paul Cott

Well-Known Member
LawTap Verified
26 May 2014
294
94
789
Ballarat, Victoria
Robmal, you may need to look at the contract to see if a renewal fee is payable. It may be a timing issue too, as to when the account should have been closed and when the renewal fee falls due.

Hope that helps.