High Interest Loan

markdty

In January 2006 I applied for a loan with the Yorkshire Bank, having banked with them for about 16 years. I'd previously had two loans with them paid by direct debit, no defaults or late payments and paid in full. I was earning £28k at the time and paying out about £400 / month in bills. I had paid off a credit card in 2004 that I had made two late payments on, one of which was two months late.
I had no other loans but frequently dipped into my arranged overdraft, occasionally going over the limit and of course being charged.
When offered the loan I was told by the advisor that the only rate they could offer on £11,500 was 14.9% and that the 'computer' told them this. I took the loan over a period of 5 years and am currently paying back £304.00 per month, the total payment at the conclusion of the loan will have been £18,790.00. When I questioned the high rate, the loans advisor stated that all would be explained by my credit score and that I should contact the credit reference agencies which I did. My only 'bad' marker from Equifax, Creditcall or Experian was the one report of the Barclaycard two month late payment mentioned above. I subsequently called the call centres of all of the above companies each of whom advised me that they could not see a reason for being offered such a high rate of interest on a large loan (>£10,000).
I have been in communication with the Yorkshire bank explaning this and the fact that the loans advisor wouldn't put forward any representation despite me being an existing customer with a good payment history, however, they maintained that I was only elligible for the 14.9% rate.
I wrote to the Yorkshire bank for the final time six weeks ago (JULY 2009) asking them to clarify why, given all the circumstances above, I had been given such a high rate. It's now the end of August and I have heard nothing.
Can I have some advice please on my next step and what recourse, if any, I can take.
Thank you in advance,
Mark

gizmo111

I don't see you have any recourse, they offered you a loan and you accepted it, if the terms were unfavourable then you should have looked elsewhere.

jonesMUFCforever

gizmo is correct - indeed if your credit rating is that good why have you not got another loan at a cheaper rate elsewhere.

Yorkshire bank offered you a loan at a rate which you accepted - you could have said no and as I said before you can go elsewhere now.