Barclayloan

Olivers_Army

Hi

We've got a Barclayloan, taken out c 2yrs ago at a rate of 6.9% but is clearly quoted as a variable rate.

Since then interest rates have dropped & yet we've heard nothing from them about any change in the interest rate.

Are they required to drop the rate (even by an n'th of a percent) or contact us to let us know that the rate isn't changing when the official Bank Of England rates are changed?

Is it worth speaking to them about this or have they got us where they want us - ie milking us for all it's worth!?

Thanks!

~Brock~

Don't make the mistake of thinking that unsecured loan rates are linked to the BofE base rate. These loan rates have increased over the last two years, not decreased.

If you haven't heard from them telling you that they are putting the rate UP and increasing your monthly repayment I would keep quiet about it.

Olivers_Army

This is a secured loan - would that make any difference?

Tixy

No, only if it was a tracker rate would they be required to track the base rate, or reflect any changes. Aside from that a variable loan is only ever likely to go up.

iolanthe07

Lots of people have had their variable rate increase over the last year or so, so I would keep quiet if I was you. The rate bears very little relationship to the B of E base rate. They charge what they can get away with.