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central trust important changes to secured loan
monicajoanne
Posts: 18 Forumite
in Loans
A short while ago i posted the thread below, (for which we have not claimed anything back from them due to already using it) but today i have just received the following letter:-
The UK continues to face unprecedented challenges as a result of the current economic downturn, and as a responsible lender we aim to support you through this period. However, despite the interest rate reductions announced by the Bank of England we have not seen our cost of borrowing reduce. Sadly this means that although we have not yet increased our interest rates, we may be forced to in the immediate future, and so I would like to remind you that you may be able to reduce your payments by re-financing through another lender.
The letter goes on to discuss their review of Tariff of Fees.
I just wondered if any other central trust customer has received this letter and what you think. We would like to go elsewhere but our credit rating is poor.
Just received a letter today from central trust whom we have a second mortgate with. This basically reads:- In order to try and assist you in relation with your arrears this letter is to confirm that you have insurance cover in relation to your loan (they have then submitted a form for us to fill in should we wish to claim on our insurance). Further down in the letter they say:-
"Alternatively if you wish to consider cancelling your insurance, we have enclosed the necessary declaration forms for you to complete. Any refund due may then be used to help towards clearing your arrears, and if the amount is greater than your arrears, the remainder will be paid towards your loan balance.
What we are thinking is why do they want us to cancel the insurance, could it be that they have mis-sold it (although we have had one claim on this).
This insurance is a single premium one. Has anyone else received anything like this.
Appreciate any feedback, thanks.
The UK continues to face unprecedented challenges as a result of the current economic downturn, and as a responsible lender we aim to support you through this period. However, despite the interest rate reductions announced by the Bank of England we have not seen our cost of borrowing reduce. Sadly this means that although we have not yet increased our interest rates, we may be forced to in the immediate future, and so I would like to remind you that you may be able to reduce your payments by re-financing through another lender.
The letter goes on to discuss their review of Tariff of Fees.
I just wondered if any other central trust customer has received this letter and what you think. We would like to go elsewhere but our credit rating is poor.
Just received a letter today from central trust whom we have a second mortgate with. This basically reads:- In order to try and assist you in relation with your arrears this letter is to confirm that you have insurance cover in relation to your loan (they have then submitted a form for us to fill in should we wish to claim on our insurance). Further down in the letter they say:-
"Alternatively if you wish to consider cancelling your insurance, we have enclosed the necessary declaration forms for you to complete. Any refund due may then be used to help towards clearing your arrears, and if the amount is greater than your arrears, the remainder will be paid towards your loan balance.
What we are thinking is why do they want us to cancel the insurance, could it be that they have mis-sold it (although we have had one claim on this).
This insurance is a single premium one. Has anyone else received anything like this.
Appreciate any feedback, thanks.
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