Urgent Advice Needed On Secured Loan.

[Deleted User]

Yes, 70 or 75 is the market norm, but there are companies that do business at any age. I tried a few times the past couple of years and had some extortionate, formal offers which I declined on principle. I have been given a formal quote today, which while accepting I would feel a little fleeced, I am actually content to go ahead with. It's 30% APR and £1,000 in combined fees. I have budgeted and am more than confident the repayments will be fine. I feel it is the best thing for our personal circumstances and understand everything. It's just this variable APR that niggles me a bit. Are there any stories out there of unreasonable increases to variable APR's? I guess that as no one has replied waving a red flag that it isn't a danger. I reiterate, I am happy with increases based on genuine grounds. I am just not happy with willy nilly increases based on whims and frivolous motives.

jonesMUFCforever

There are plenty of posts on here about variable APR's rocketing even though base rates are not going up by the same amount.
Beware.

[Deleted User]

Do they have to do that to all of their existing customers on variable APR's if they do increase it or could they do it selectively? Is this 'rocketing' usually based on frivolous motives or linked to an increase in some money lending market rate separate to the Bank Of England base rate? Can you possible provide me with an example of one of the worse cases you have seen from memory? For instance, the level of increase, over what period of time and when it happened. I thought some of the more obscene scenarios my mind could conjure up would have been outlawed by now. Thank you.