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Swift Finance Loan
richbynameonly_2
Posts: 2 Newbie
Hi
I took out a loan fo £12,500 pounds 6 years ago over 15 years.
At the time the interest rate was about 10.5% since then everytime the Bank of England increased the interest rate Swift followed suit. However since the rate has gone down several times in the last few years Swift have not lowered the rate. As far as I can see the loan is a variable rate. Are they not obliged to lower the rate when the interest rate drops
Can anybody help plesae.
I took out a loan fo £12,500 pounds 6 years ago over 15 years.
At the time the interest rate was about 10.5% since then everytime the Bank of England increased the interest rate Swift followed suit. However since the rate has gone down several times in the last few years Swift have not lowered the rate. As far as I can see the loan is a variable rate. Are they not obliged to lower the rate when the interest rate drops
Can anybody help plesae.
0
Comments
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No, a variable rate is at the discretion of the bank. It is not a BoE rate tracker rate.0
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. Are they not obliged to lower the rate when the interest rate drops
No, they're not, and they very rarely do. Variable rate loans are a bad idea; the rate almost always vary upwards irrespective of the bank rate.I used to think that good grammar is important, but now I know that good wine is importanter.0
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