Interest Rates on variable secured loan

eliza143

Help

Can anyone tell me why the variable interest rate on my secured loan has never changed even though interest rates are low?

I took out the loan through bad advice, with Picture Finance , it has now been taken over by Webb Solutions,

If its variable should my payments be going down in this current climate

would appreciate any guidance

thanks

mrsb83_2

Are you sure it hasn't gone down?

I have a variable loan and the payments have always remained the same despite the interest changing. I am effectively making overpayments and paying it off quicker.

Tixy

Hi

Its a variable rate not a tracker. A tracker has to track the base rate.
But a variable rate is variable in anyway they choose. (plenty of people have found variable rates increasing on CCs etc even with the low base rate).

The base rate has gone down but the number of people defaulting has increased, therefore they probably feel weighing up the risk factors etc that overall the APR is the one they still want to charge you.

fleitner

Don't waste you time trying to help, the OP posted also in the 'loan' forum (thread 'Variable Interest Rate on secured loan' in there) and was rather rude when people tried to help.