Bank trying to diddle me?!

condemned

Hi all,

Hope you can help me out here.

I've recently taken out a loan of £2000. My bank gave me an APR of just 6.5% which I thought was very kind of them.

One week later I recieve a phone call saying that they can't honour the 6.5% and want to charge me a higher interest rate.

Given that the loan was approved, signed and the money has been in my account for the past week now, can they do this?

Any advice would be greatly appreciated.

Cheers

jonesMUFCforever

I would have thought not.
Advise them that you will keep your side of the bargain by making the monthly repayments as regulated by the Consumer Credit Act, and that you expect them to do the same.
I would check on an online rate checker though to see if the repayments that they have quoted match the interest rate.
I think you have been lucky to get such a rate on a low loan of £2000 as most of these loans are offered to loans of £5k or even £7.5 k or more.
Keep us posted as to how you get on as I can't see a get out clause for the bank unless others posters can advise differently.

Rafter

Very unusual to get such a low rate for such a small loan - but their mistake and they can't back out of the contract now. If they have made a loan offer to you and you have accepted it by signing and returning the paperwork, then they are honoured by law to give you what they have offered.

R.