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Staff loan advice
I have a staff personal loan witht he bank i work for and i get a really good low fixed rate for it. Lucky me I know. However I plan to move jobs and my bank say i will have to restructure the loan as im no longer staff but can they actually do this as it is a fixed rate loan and if it was an ordinary customer the rates would not change?? does anyone know because i dont think it is legal for them to do this.
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Which bank is it?Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
Clydesdale bank0
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What does it say about it in the terms and conditions of the original agreement?0
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it doesnt say anything because the t&c are standard for each loan staff or not as far as im aware i will nd to double check this though.0
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I know MBNA used to do this with their staff loans (they no longer issue loans) and still do with their credit cards.No Longer works for MBNA as of August 2010 - redundancy money will be nice though.
Proud to be a Friend of Niddy.
no idea what my nerdnumber is - i am now officially nerd 229, no idea on my debt free date0 -
The bank have a subsidised loan for staff. It acts as an incentive to retain staff. Why would you expect to benefit from this staff discount if you leave the bank................................I have put my clock back....... Kcolc ym0
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because its a fixed rate loan and the contract is obviously signed so its leagally binding but i will have to look at the small print to be sure. If the bank has agreed that rate for that length of time then surely they would be breaking the law by breaking the contract?? If thats the case then I would be within my rights not to pay it back since the contract would have been broken. again the t&cs may hold the answers but i do not have the paper work at present.0
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My friend left the Halifax ages ago and still has his staff mortgage rate. Nothing was in the paperwork to indicate they could take it off him if he left.0
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What does the term and conditions of your contract of employment say?because its a fixed rate loan and the contract is obviously signed so its leagally binding but i will have to look at the small print to be sure. If the bank has agreed that rate for that length of time then surely they would be breaking the law by breaking the contract?? If thats the case then I would be within my rights not to pay it back since the contract would have been broken. again the t&cs may hold the answers but i do not have the paper work at present.
Have you read the terms of the CCA that you signed for the loan?0
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