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ssuprnova
Joined: 17 Dec 2010
Location: Saigon
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 Posted: Thu Mar 15, 2012 2:45 am Post subject: Penalties when ending a phone contract early? |
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Hi there, the title pretty much says it all. I'm leaving the country 5 months before my iphone contract is up with KT/olleh, so I'm wondering how to settle this matter since I'd like to keep the phone.
What are the penalties and extra charges for ending a contract early? Are early-termination penalties even legal in Korea (I'm asking since they're not in Canada)?
I'd ask KT/olleh directly, but I'm sure they'd say it's 100% illegal, yada yada yada. |
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r122925
Joined: 02 Jun 2011
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| Posted: Thu Mar 15, 2012 2:56 am Post subject: Re: Penalties when ending a phone contract early? |
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| ssuprnova wrote: |
Hi there, the title pretty much says it all. I'm leaving the country 5 months before my iphone contract is up with KT/olleh, so I'm wondering how to settle this matter since I'd like to keep the phone.
What are the penalties and extra charges for ending a contract early? Are early-termination penalties even legal in Korea (I'm asking since they're not in Canada)?
I'd ask KT/olleh directly, but I'm sure they'd say it's 100% illegal, yada yada yada. |
No one can give you a clear answer without knowing the specifics of your contract. The actual fee for cancelling a contract early isn't that much. It depends on the contract and how much time is left, but you shouldn't expect to pay any more than 20,000-40,000 won. What can be expensive though is if you were paying for a phone on an installment plan (the phone price and the contract are two entirely different things). If you were you will have to pay out the remaining cost of the phone at the full (non-discounted) price, which can be hundreds of thousdands of won, but again that depends one the phone and the specific plan. Add in the cost of your final month's bill and that's what you will pay.
Last edited by r122925 on Thu Mar 15, 2012 3:00 am; edited 1 time in total |
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coralreefer_1
Joined: 19 Jan 2009
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| Posted: Thu Mar 15, 2012 2:59 am Post subject: |
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Yes, there is a penalty, and depending how much time you have left on your contract it will be different.
I'm with a different company (SKT), but on my last phone I ended that contract (and began another with a new phone) almost exactly one year in, and the penalty was about 63,000won.
When I bought that phone, I was told that if I ended a two year contract before at least 1 year had passed, the penalty was 240,000...and then if ended after the first year but before the contract was completed the penalty was 120,000.
I assume the difference of when I actually cancelled it was because I was signing a new contract with the same company. |
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ssuprnova
Joined: 17 Dec 2010
Location: Saigon
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| Posted: Thu Mar 15, 2012 3:55 am Post subject: |
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| If that's the case I might as well keep my bank account open and allow them to keep withdrawing money until the end of the contract... |
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