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Unsecured Loan - Changing T & Cs

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Hi. I have a question. By how much is a bank allowed to change the Terms and Conditions of a loan? I have a Cahoot Flexible Loan, which provided a number of facilities to withdraw additional funds at will (subject to sufficient credit being available). Cahoot have now advised me that they are transferring the loan to Santander, and withdrawing all of the flexible options provided so that effectively it now becomes a simple Unsecured Personal Loan. However, this is clearly not the product I originally signed up for. They say it is being done as part of an "upgrade to their online banking system", but that just sounds a bit of a lame excuse to me, and I wondering if they are legally allowed to change the T & Cs of the loan to the extent that it is effectively a different product.

Any thoughts or comments on this would be interesting.
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