can my bank do this?

tomnew

While I was at university I took out a professional studies loan which I have serviced according to our agreement and have made every repayment according to the value they calculated (and subsequently took as direct debits from my account).

Today I received a call saying that they hadn't calculated the repayments correctly and they will increase my repayments. Over the life of the loan this will add approximately £2000 on to the cost (and accoring to my calculations I am already paying approximately £3000 in interest)

Can they do this or do o have any legal fight for telling them this isn't acceptable? WhT should I ask them for? I asked for copies of all the paperwork they originally used to calculate repayments but they said they don't share that information.

The_Offside_Rule

That's bad news and shoddy business from your bank.

The first thing to do is to sit yourself down with a nice cuppa and go through the small print.

Also maintain all communication through recorded delivery post.

stebiz

You will need to request a copy of the Consumer Credit Agreement you signed. If it has a flat rate on there then you should be pretty safe with the FOS if it needs escalating. If however in the agreement it allows for a variation of the rates then sadly that isn't going to help.

Clive_Woody

Can you post the figures on here from the agreement that you signed and we can check what repayments should be?