"Ever been given a different rate to the credit applied for?" poll results/discussion

Former_MSE_Lawrence

Poll Started 02 November 2009:

Ever been given a different rate to the credit applied for?

When you apply for a loan or credit card have you ever experienced being accepted, but being given a higher rate that the one you applied for (or a different card entirely)?

There’s currently a parliamentary investigation into this issue, see the flawed credit system MSE News story.

In the last three years, have you ever applied for a credit card or loan and been accepted but given a higher rate than the one applied for (or a different card entirely)?

A. Yes - on many occasions
B. Yes - once or twice
C. No - usually been rejected
D. No - usually been given the correct rate
E. I haven't applied for a loan/card

Please vote here, or click 'post reply' to discuss below. Thanks

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benood

The way you phrased this is going to lead to lots of wrong answers if anyone else is like me and skims - I answered the question initially asked: Did you get the rate you applied for? - yes once or twice

But the real question asks the opposite: have you ever applied for a credit card or loan and been accepted but given a higher rate than the one applied for? - my answer should have been - no, usually given the correct rate

Conclusion - gigo

skinny*h

Does this apply to Mortgages? Back in Mar 08 I applied for and thought I had completed on a remortgage of a capped rate tracker product (0.59 above BofE base rate - capped at 5.99%), to then find in Nov 08 that I had been put on a fixed rate product (of 5.69%).:mad:

I currently have a complaint being considered by the Financial Ombudsman Service (FOS), against the broker I used and the building society I now have my mortgage with.

To cut a long story short, it appears that the broker applied for the wrong product, and therefore it would seem that the FOS is going to uphold the complaint against the broker; however, at the moment, the FOS is indicating that the broker will be held only 75% accountable.

I am being held accountable for the remaining 25%, which I consider to be quite unreasonable. The rationale the FOS has given is that I should have picked the error up from the Mortgage Offer. However, I did not receive (and it has been clear from the outset of the dispute that I did not receive a) Mortgage Offer from building society.

Any ideas, suggestions or guidance, with respect having the broker and/or the building society in question held fully accountable, would be very much welcome and appreicated.

ThinkingOfLinking

C. I have applied for a handful of loans but have been rejected/declined every time.

MSE_Martin

POLL CLOSED!

Hi folks, we've realised belatedly that the way the poll is written is confusing as the original question and what's been asked don't match up.

Therefore this poll has been closed and the results void and a new rewritten one will be started up.

Apologies for this

Martin