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First plus Loan Help
Hiya all
We have a first plus loan which we took out in 2007 (i know i hold my head in shame_pale_ ), any way my question is that on our loan it says "monthly repayments- variable where interest rate changes" does this mean that as the interest rate is low should my repayments reflect the base rate or is it not as simple as that, which things normally are not):rolleyes:
Ta:p
We have a first plus loan which we took out in 2007 (i know i hold my head in shame_pale_ ), any way my question is that on our loan it says "monthly repayments- variable where interest rate changes" does this mean that as the interest rate is low should my repayments reflect the base rate or is it not as simple as that, which things normally are not):rolleyes:
Ta:p
0
Comments
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No, it generally means that they can change the interest rate to what they want, whenever they want.
Some people have been finding that their interest rate has increased, not gone down. It would only reflect base rate if it was a tracker.
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