Many customers of everything from mobile phones and gas to bank loans don’t realise most contracts carry exit fees. Exit fees used to apply only to fixed-rate mortgages as banks recoup the loss of interest foregone by a customer leaving. Two-thirds of gas and electricity or broadband customers, it found, weren’t aware there was a penalty for leaving the contract early. Hoops There’s one circumstance where companies can’t charge exit fees for early breach of contract, and that’s where they’re responsible for it. The best bet is, when signing up in the first place, to ask about exit fees in the event you find a better deal later on.

Source: Irish Independent May 14, 2018 10:18 UTC