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Secured loan intrest rate.
bigbirdbailey
Posts: 2 Newbie
Hiya,
We have had a Secured loan with Endeavour Personal Finance since Dec 2005 on a fixed rate for 3 years. In December I new that our rate had ended but as we recieived no notification that our payment were to change we kept shtum as the we thought we were benifiting.
Last week whilst making our normal payment over the phone the lady told us that maybe we had been over paying due to the lower interest rate no about. Since the interest rate drops our mortage has come down from £850 per month to just under £400 pm so I was a little shocked when the lady from Endeavour phoned us back this morning telling us we had over paid by in interest by £400 but our payment have only changed from £235 down to £211.
Our mortgage interest rate is linked to LIBOR and I was wondering if secured loans use different ways to work out interest rate.
Sorry to go on but I new to this and could believe the respone other people recieve from asking ramdon questions.
Cheers Russ.
We have had a Secured loan with Endeavour Personal Finance since Dec 2005 on a fixed rate for 3 years. In December I new that our rate had ended but as we recieived no notification that our payment were to change we kept shtum as the we thought we were benifiting.
Last week whilst making our normal payment over the phone the lady told us that maybe we had been over paying due to the lower interest rate no about. Since the interest rate drops our mortage has come down from £850 per month to just under £400 pm so I was a little shocked when the lady from Endeavour phoned us back this morning telling us we had over paid by in interest by £400 but our payment have only changed from £235 down to £211.
Our mortgage interest rate is linked to LIBOR and I was wondering if secured loans use different ways to work out interest rate.
Sorry to go on but I new to this and could believe the respone other people recieve from asking ramdon questions.
Cheers Russ.
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Comments
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Reading this back I see what having fat fingers can do.
No replys tho!
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