Idem servicing advice

davidmcn

Sashie46 wrote: »

It says on contract

In calculating Apr no account has been taken of any variation of the interest rate which may occur under the agreement. The interest rate may be varied to reflect change which has occurred. Or which we reasonably expect to occur. In interest rates generally or to redress any reduction in our profitability caused by changes to legislation.

It's under consumer credit act 1974. The timeshare act of 1992. And regulations 2004.

None of which means they have to lower the rate.

Sashie46

Ok fair enough. But if a base rate falls so low surely it should have been passed on somewhere. But I quess ombudsman will decide of it was fair.

Thrugelmir

Sashie46 wrote: »

Ok fair enough. But if a base rate falls so low surely it should have been passed on somewhere. But I quess ombudsman will decide of it was fair.

FOS doesn't interfere in commercial matters. Fairness is not the issue. The lender sets rates according the lending market they are targetting. Unfortunately they won't be able to raise deposits to fund loans such as yours at BOE base.

Thrugelmir

Sashie46 wrote: »

I have asked again if they would take 10k to settle. No reply as yet.

They've no need to respond. As you'll simply continue to pay them every month.

If you wish to repay the loan quicker. Pay more every month. Then the balance owed will reduce. Incurring you less interest.

LRmortgage

If your credit has now improved, remortgage onto a better rate as soon as possible.

dunstonh

Not all mortgage rates are linked to base rate. Plus, you are with a sub prime lender. They may well have liked to reduce their interest rates but its probable they have suffered a high number of defaults. The costs of which are paid for by other borrowers.

The lender themselves probable suffered a lot in the credit crunch and cant afford to lower the rates. This was why a number of borrowers were offered money off to take their mortgage elsewhere.

You cant really compare these niche sub prime lenders with your mainstream lenders.

Sashie46

House is going on the market within next 2 weeks. Fingers crossed they may go for 10k settlement on completation of house sale.
I doubt it though
Thank you all for your replys.
I'll never ever borrow secured again that's for sure ��

Thrugelmir

Sashie46 wrote: »

Fingers crossed they may go for 10k settlement on completation of house sale.

Unless you settle the debt the house sale won't complete. Without their permission the charge they hold on the property will remain.

Sashie46

Yes very true. My complaint will still stand even if I pay it off. I asked ombudsman. Complaint went in July 2016.
Ombudsman said they have alot of complaints regarding idem very similar to mine so it's taken 2 years plus to sort out.