Alliance and Leicester High Interest Rates and Mis-Selling

moatmeister

Do a lot of business with the A+ L. Over the last 5 years I have had a premier plus current account as my main account running well, large o/d facility that comes and goes, credit card with 4K limit, plus separate business account always in credit. Also did have savings account and Isas with £10k in. Set up another new business last year and needed funding. Used my savings but needed more. Thought my bank would be first port of call and noted that every time I picked up a magazine in WH Smiths or went into the bank or looked on line it was full of A+L fliers saying personal loan 7.9% low rate loans apply here blah blah.

June 2008 applied over the internet with A +L and was offered personal Loan of 8K but at 15%. I queried it and was told that it was not negotiable and was the best deal available for my circumstances. I took that a face value. Credit crunch and recession looming was in the news all the time at the time so with time against me for work, and also a wedding loming, I took it. Shortly after, (as part of a "business review") they jacked up the interest rate on my card fron 16.9% to nearly 30% and then tried to sell me a secured loan to pay it off. I was 'discussing' this one day in the branch which led on to the high interest rate on the loan. The manager overheard, showed me a wall covered in low rate loan flyers and said if I had applied in branch they could have got me a better deal. She then looked at the loan account and said that it was to late to do anything about it.

I am not happy. I have a good credit report and I assumed as a good customer I would have been on a good rate. They have a very clever marketing department which pushes their name out everywhere. Just look on the floor in front of the magazine racks! They advertise these low rates everywhere but who actually gets them?

I have sorted the credit card ( which is run by MBNA for them,) but feel I have been mis-sold or at least mislead over the loan. Now got a bit of time to try and sort it out. What can I do??

moatmeister

No one at all got any ideas or even up for comment????

ILW

Cannot help, but I would of thought that if you had a good long standing relationship with your branch, that would have been the first place to apply.