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old loan
batmuncher
Posts: 1 Newbie
in Loans
Over 10 years ago my Mother in law took out a loan against her bungalow. She seems to think the interest rate is too high. Is there a ceiling %? and willi/would it be retro calculated?
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Comments
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No ceiling percentage, companies are allowed to charge what they want and people are free to accept / reject that percentage by signing up or not."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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If she thought the interest rate was too high why did she sign the loan agreement and accept the money from them?
Depending on her circumstances she may be able to get a new loan at a lower rate to pay off this one, but that will depend on affordability and her finances."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 Einstein0 -
Is it one of these variable interest secured loans? They only ever seem to vary upwards. Buyers' remorse often seems to follow these long term loans, when the money borrowed has been long spent.I used to think that good grammar is important, but now I know that good wine is importanter.0
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I bet she didn't think it was to high when she was out spending the money.batmuncher wrote: »She seems to think the interest rate is too high.0
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