Nat West Loan 25k since 2010 9.9% Apr.Been charged too much

speedbird1

Just a quick one.

My partner has a NatWest loan.

Taken out 2010 25k over 7 years.

NW have been charging 9.9 %

Repayments 407 pcm.

Having been looking into this recently I believe they have been charging too much.

Is there anyway of checking historical APRs for NatWest Loan.

Any possibility of a refund.

Partner has a perfect credit rating.

TrustyOven

speedbird1 wrote: »

Taken out 2010 25k over 7 years.

NW have been charging 9.9 %

Repayments 407 pcm.

Having been looking into this recently I believe they have been charging too much.

How did you work that out? What equations did you use?

speedbird1 wrote: »

Is there anyway of checking historical APRs for NatWest Loan.

Won't it be a fixed interest loan? ie. it's always 9.9% APR and does not fluctuate or follow some sort of base rate etc.

speedbird1 wrote: »

Any possibility of a refund.

Why?

speedbird1

Hi,
I appreciate your post,

Yes its fixed interest loan.

My point is 9.9% is very high given base rates were 0.5 % at that time also.

And for a loan of 25k from a high St lender..

They have for some time been offering similar loans for 4.9%

TrustyOven

I suspect the answer would be that they could offer loans at 4.9% if they want. Doesn't mean they would / should offer that rate to everyone. Customers would get the rate depending on their personal circumstances and risk.

And I don't think the base rate is relevant either. I don't think the base rate has anything to do with the risks involved with lending to an individual customer.

[Deleted User]

You only have a case if they are charging you more than they said they would. You don't get to chooose a lower APR further down the line.

Gaz83

speedbird1 wrote: »

Hi,
I appreciate your post,

Yes its fixed interest loan.

My point is 9.9% is very high given base rates were 0.5 % at that time also.

And for a loan of 25k from a high St lender..

They have for some time been offering similar loans for 4.9%

Presumably your partner signed to say that he / she was happy with the 9.9% offered.

somethingcorporate

You've been charged what you signed up for, not sure why you think banks are not allowed to make a profit.

9.9% may have been a fantastic rate for your circumstances and just because they have a headline rate a lot lower it doesn't mean they give it to everyone.