Another bank fiddle?

jethrofarrow

We read on this site and in the press about all the bank mis-selling and other bank fiddles. I consider that I was fiddled by a bank in a different way from all these we read about and wonder if other members here have had the same experience.
Many years ago I took out a ten year variable rate loan with RBS at a time when interest rates were very high. Some time into the loan interest rates started to fall and continued falling steadily for many years but my interest rate and repayments always remained the same.
As it was a variable rate loan then the monthly repayments should have been reduced.

meer53

Do you have proof it was a variable rate loan ?

Didn't you query it at the time ?

dunstonh

Many years ago I took out a ten year variable rate loan with RBS at a time when interest rates were very high. Some time into the loan interest rates started to fall and continued falling steadily for many years but my interest rate and repayments always remained the same.

What makes you think that your rate was linked to the base rate?

jethrofarrow

I did not not want to write a great long post so I left some information out. The extra part of this story is that when I was over half way through the loan the country went into recession and my work dropped off so that I had insufficient income to make all the payments on time. The bank contacted me and suggested that they could lower the monthly payments.
They lowered them considerably without extending the term, so that I was able to make the rest of the payments on time.
I believe they just reduced the payments to what they should have been at that point.

meer53

jethrofarrow wrote: »

I did not not want to write a great long post so I left some information out. The extra part of this story is that when I was over half way through the loan the country went into recession and my work dropped off so that I had insufficient income to make all the payments on time. The bank contacted me and suggested that they could lower the monthly payments.
They lowered them considerably without extending the term, so that I was able to make the rest of the payments on time.
I believe they just reduced the payments to what they should have been at that point.

Your post doesn't make sense.

You said they should have reduced the payments in your first post.

Then in your second post you said they did ?

If they reduced the payments but didn't increase the term, how did you manage to pay off the loan in the agreed time ?

Whatever your answers are, it's not a fiddle. Why are you asking this question now ?

dunstonh

I believe they just reduced the payments to what they should have been at that point.

So, they offered you terms which you agreed. Then later they said they could offer you better terms which you agreed. yet you think this is a fiddle?