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I dont understand the wording on the small print of a fixed loan sum agreement.
Hi, Without wanting to sound really stupid I was wondering if anyone could explain something written in a Barclays Partner finance loan agreement (not signed yet).
"The interest rate on your account is variable and we may change it at any time.....However we will not increase the interest rate to a rate exceeding that prevailing on the date of your credit agreement".
Does this mean that the rate may go down but not up?
"The interest rate on your account is variable and we may change it at any time.....However we will not increase the interest rate to a rate exceeding that prevailing on the date of your credit agreement".
Does this mean that the rate may go down but not up?
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Comments
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IMO it can go down and back up again but not exceed the original rate.0
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I'd be inclined to agree with that too.Thinking critically since 1996....0
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