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Mistake by Lombard

burlington6
burlington6 Posts: 2,111 Forumite
1,000 Posts Combo Breaker
in Loans
Quick question. I have an agreement with Lombard which I am about a year into. I had a call from them this week and according to them they made a mistake by giving me a fixed rate instead of a variable rate.

Can they change the contract I signed?

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    No, not if the agreement does not allow them to vary the interest rate.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • burlington6
    burlington6 Posts: 2,111 Forumite
    1,000 Posts Combo Breaker
    I signed an agreement for a fixed rate. They say it was a mistake and i should be on a variable
  • Tixy
    Tixy Posts: 31,455 Forumite
    Can't see what they think they can do about it if you have a copy of the credit agreement that says otherwise.

    How did they leave the call? Did they say they were going to write to you? Did they ask you to sign a new credit agreement?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What does your agreement say? APR - Monthly repayment - number of payments - total repayable ?

    If they try to change that and make you pay more then complain in writing and if need be the Ombudsman.
  • Clive_Woody
    Clive_Woody Posts: 5,956 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    burlington6 wrote: »
    Quick question. I have an agreement with Lombard which I am about a year into. I had a call from them this week and according to them they made a mistake by giving me a fixed rate instead of a variable rate.

    Can they change the contract I signed?

    I would offer them your commiserations and suggest that they be more careful in future.

    You have a legally binding contract I would remind them of this and suggest they honour it or cancel the debt.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • burlington6
    burlington6 Posts: 2,111 Forumite
    1,000 Posts Combo Breaker
    Thanks, i'll let you know when they get back to me
This discussion has been closed.
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