Business Loan

Keys2001

I took out a business loan in early 2008.For the first time ever I was persuaded by my bank manager to take out a fixed rate loan at 6.75%. As we all know now the base rate dropped considerably and I have been left paying a loan at high interest during these tough trading times. I have mentioned it to my bank manager who insists the banks didnt know what was about to happen at that time in regards to interest rates but the media have informed us all since that the banks were aware of what was about to happen.Would I have any grounds to renegotiate this loan as I feel it has been missold to me.

jonesMUFCforever

If you can find a business or personal loan under 6.75% then take it - you will be a long time looking!

[Deleted User]

Keys2001 wrote: »

I took out a business loan in early 2008.For the first time ever I was persuaded by my bank manager to take out a fixed rate loan at 6.75%. As we all know now the base rate dropped considerably and I have been left paying a loan at high interest during these tough trading times. I have mentioned it to my bank manager who insists the banks didnt know what was about to happen at that time in regards to interest rates but the media have informed us all since that the banks were aware of what was about to happen.Would I have any grounds to renegotiate this loan as I feel it has been missold to me.[/QUOT

NO........

inmypocketnottheirs

As above Jones says, you have an incredibly good rate, so don't rock the boat!

CHR15

Are you expecting to find a (what) 2% apr loan to replace this one?

You must read the news to know about the financial crises..... can you point out ANY loan at the moment less than your 6.75% ??

I'm sure the bank would renegotiate your loan, but it wouldn't be going downwards.

Forget your madcap idea about mis-selling..... it's nonsense.

ILW

I thought all loans were mis sold and everyone is due loads of lovely compensation. Or that is just the way it appears on here at times.