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HELP! Tesco loan passed to agency now they have increased the interest rate.

Binky69

Binky69 Posts: 2 Newbie

13 July 2009 at 5:57PM in Loans

I have had an unsecured loan for £15,000 with Tesco for a number of years and the balance is now £2,200. They have passed this loan onto another agency who now have informed me that they intend to apply a fixed annual rate above that at which the original loan was taken. Can they do this legally? Help.

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Comments

OMAR Posts: 701 Forumite

13 July 2009 at 6:35PM

why was it passed on in the first place?.....

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KonkyWonky Posts: 650 Forumite

13 July 2009 at 6:38PM

Check your T&C's, most unsecured loans are variable which means they can increase the rate.

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Kavanne Posts: 5,093 Forumite

13 July 2009 at 6:41PM

KonkyWonky wrote: »

Check your T&C's, most unsecured loans are variable which means they can increase the rate.

Eh? Where did you get this info from?

Have you missed lots of payments and have you defaulted, OP?

Kavanne
Nuns! Nuns! Reverse!

'I do my job, do you do yours?'
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