Ikano bank loan rate dispute

shteca

15 months ago I took out a £15,000 loan with Ikano.
I distinctly remember the rate was 3.0% and this was the reason I took it out.
I don’t remember getting any paperwork from them at the time but I have been making repayments every month. 2 weeks ago I got my 12 month annual statement 3 months late and when I look at the APR it says 8.9%.
I immediately called the customer service and asked them why it was this rate and they said this was the rate I agreed to.
I know there is absolutly no way on earth I would have signed anything with this rate so I asked them to send me a copy of my signed agreement. They said it can only be done via post and they said they would send it out.
Over the past week I have had three letters from them. Three annual statements! No sign of a contract just the same thing again and again.
I called up today and the customer service said they would request it again.
I am wondering if they aren’t willing to send it me or don’t have it what are my options? I know it’s only 6% but on £15,000 it’s a lot!!
Any help please
P.S overall experience with Ikano has been poor. Would not recommend at all!!

PeacefulWaters

What does your copy of the agreement say?

TadleyBaggie

Suspect this was a 3% flat rate, wasn't via a car dealer by any chance?

Westminster

You would have signed an electronic or hard copy agreement with the rate, term and monthly figure.

bengalknights

Did you sign and return any forms back at the time?

You should have your own copy of the agreement

shteca

I don’t have a copy. They never sent me one and there is no online portal to review documents.

PeacefulWaters

shteca wrote: »

I don’t have a copy. They never sent me one and there is no online portal to review documents.

Was it a car dealer?

Was there talk of other fees along the way?

Clive_Woody

Perhaps 3% was the typical rate quoted by the lender, potentially you got a higher rate when you applied for a loan with them.

Ben8282

Does the term (number of months) and the monthly payment correspond to the figures given at the time of taking out the loan?
How was the application for this loan made?
If in person you must have signed something.
If online, were you sent nothing? No e-mail confirming the details? Nothing in the post? Nothing at all?

bazzyb

Have the monthly payments changed from when you agreed to the finance or are they what you were expecting?

On a 5 year term there would be around £40 per month difference in the two rates you've quoted so one would expect to notice a lot sooner if you were paying that much more than anticipated?

DCFC79

I didn't take out a loan with Ikano but I did take out finance for a bed from Bensons, had no issues with Ikano not Bensons, infact Ill even go back to Bensons at some point in the future and will consider Ikano for any future loans.