Interest rate error

MasterTech

Hi Everyone,
first post, so please be gentle!

I took out a loan with nationwide about 3 yrs ago, it was advertised at 5.9%
however the contract we signed said 0%. about one month after we signed it they sent us a letter saying that it was a missprint and they inclosed a 2 copies of a new contract at 5.7%..... So I binned the new contract, but then didn't do anything about it.
Do you thing I could ask them for the interest back?
they don't like me any way after claiming back £1700 in bank charges..

Kindest regards,
John

Rafter

John,

I think if you made payments on the loan which included interest at 5.7%, regardless of what your original piece of paper says the actual loan rate applies.

I think a court knows that Nationwide doesn't offer 3 year loans at 0% so would support them if you did try your luck.

Bank charges are one think - illegal, bear no relation to cost etc etc.

Interest is another matter though. When people saving with Nationwide want 5% plus in interest then they have to charge more than that to borrowers otherwise they go bust!

R.