Loan Misselling

harryw4545

i was just checking my northern rock loan agreement, as i am about to cancel my ppi & noticed that my apr oringinally was 7.6% on £2500, before this loan completed i increased the amount to £4000, unoticed by me at the time was the increased apr to 8.4%. this happened last year. am i due to make any claim for redress for this???

mrmajika

harryw4545 wrote: »

i was just checking my northern rock loan agreement, as i am about to cancel my ppi & noticed that my apr oringinally was 7.6% on £2500, before this loan completed i increased the amount to £4000, unoticed by me at the time was the increased apr to 8.4%. this happened last year. am i due to make any claim for redress for this???

An increase in APR is very common when a loan is refinanced with most lenders. They should have made you aware of this at the time and the 8.4% will have been on the paperwork you signed.

I can't see you getting very far with trying to reclaim the difference.

regularsaver1

If the BOE had increased, then Northern Rocks rate had probably been increased. You wanted more money, hence the higher rate

It would have been on the agreement