Paragon reducing interest rate

techwatcher

Just had an email from Paragon informing us that they will be reducing the interest rate on their 120 Day Notice Account from 1.96% to 1.55% on January 1st 2017.

Not unexpected and could have been worse I suppose - 1.55% seems competitive for such a notice account.

daviesd

hi i need some advice i have a lone with paragon on a variable rate when i took out the loan in 2006 for £28,000 my payments were 195 they then went up to £230.00 in 2007 and has remains at this rate ever since Evan tho interest rate have been 4.75% lower that in 2006 can you advise if my loan payments should have come down , can you please advise

Thanks
Donna

eskbanker

daviesd wrote: »

hi i need some advice i have a lone with paragon on a variable rate when i took out the loan in 2006 for £28,000 my payments were 195 they then went up to £230.00 in 2007 and has remains at this rate ever since Evan tho interest rate have been 4.75% lower that in 2006 can you advise if my loan payments should have come down , can you please advise

Worth checking your Ts & Cs to be sure, but I'd say that it's unlikely that they'd have been obliged to tie their loan rates to the bank base rate, so chances are you'd have no automatic right to rate reductions. No harm in asking them though - round about 2009 would have been a good time to do this