Unfair interest rate!

bargainbetty

Squigly wrote: »

Thanks for your replies.
He could have afforded to pay for the insurance outright but chose the 0% card so he could keep saving also.
.

While you see it this way, the file shows that he took out credit to pay for something he couldn't afford.

If he was saving for something, where are his savings? Why can he not use some of those to fund the car?

Sorry you aren't hearing the answers you want, but we see a lot of people on here saying 'The bank lent my son/daughter £7k etc, they were only 21 and shouldn't have been given so much etc, why aren't the banks more responsible etc...'

The banks are commercial organisations that make business decisions in a free market. Your son is free to go elsewhere for his debt, just as he is free to save up instead. If you take out the loan for him, it does nothing for his credit history.

happy_bunny_2

Maybe try another bank. They won't have such an insight into his accounts as Santander do.

PeacefulWaters

Unfair?

They should have just declined him then. That would have been fairer.

Do you agree?

DCFC79

PeacefulWaters wrote: »

Unfair?

They should have just declined him then. That would have been fairer.

Do you agree?

No not unfair nor is it criminal.

ViolaLass

£6.5k seems like a lot for a car. We spent £3k and it's lasted nearly three years so far.

ERICS_MUM

ViolaLass wrote: »

£6.5k seems like a lot for a car. We spent £3k and it's lasted nearly three years so far.

Especially for a young man who has passed his driving test recently.

27col

I'm afraid that the word "unfair" is bandied about far too often and far too loosely on this forum.
The lender does not have to lend to anyone except at the lenders considered risk. The borrower does not have to borrow from anyone who they think is not being "fair" with their offered interest rate.