Secured loan on Lebor rates

Headancer

There was talk a few months back that the Lebor rate had been subject to significant manipulation. A few years back I had a secured loan at a rate of 6% whilst BOE rate were on the floor at .1%

If its proved that this was indeed manipulated is there not grounds for compensation for those affected ?

jonesMUFCforever

Libor rates were manipulated but only by fractions of a percent - so you have no case to answer for compensation.
You were given the rate of 6% because of your credit rating.

bigisi

Headancer wrote: »

There was talk a few months back that the Lebor rate had been subject to significant manipulation. A few years back I had a secured loan at a rate of 6% whilst BOE rate were on the floor at .1%

If its proved that this was indeed manipulated is there not grounds for compensation for those affected ?

Jeez you're really clutching at the compo straws there aren't you?

Can I get compo for reading your drivel?

System

Headancer wrote: »

There was talk a few months back that the Lebor rate had been subject to significant manipulation. A few years back I had a secured loan at a rate of 6% whilst BOE rate were on the floor at .1%

If its proved that this was indeed manipulated is there not grounds for compensation for those affected ?

Well for a start the Libor rate isn't the same as the BoE rate and rises and falls differently so saying the BoE rate was 1% is irrelevant. As said your loan rate wasn't based on either the BoE or Libor rate and it also wasn't variable so you have no claim.

Kentish_Dave

The allegation was that LIBOR was reported lower than it should have been, to hide the fact that banks were being judged to have poor credit.

This would have benefited you so maybe you ought to pay the bank compensation.

foxy-stoat

Headancer wrote: »

There was talk a few months back that the Lebor rate had been subject to significant manipulation. A few years back I had a secured loan at a rate of 6% whilst BOE rate were on the floor at .1%

If its proved that this was indeed manipulated is there not grounds for compensation for those affected ?

Did your loan agreement mention if the interest rate they offered you and you accepted was linked to the Libor rate?

Nasqueron

Libor rate fixing was literally tweaking rates by amounts equivalent to 1 basis point (one one hundredth of a percent or 0.01%) - that is nothing to do with why you your credit situation gave you a poor loan rate

Headancer

Many thanks for the sensible replies and apologies if a few %nobheads infiltrated the conversation 👍

Kentish_Dave

Well, to be fair, it was a really knobbish question to begin with, showing the worst instincts of a section of society that most people disdain, so the answers followed their tone.

diggingdude

I bought some sausages earlier but I don't like the flavour, can I have some compensation?

Kentish_Dave

OP, you seems to have done remarkably well in recent years, going from whining about a mis-sold loan where you were not even capable of working out the interest to having sufficient holdings that you have even branches out into AIM stocks.

What’s your secret, and how did your mis-selling enquiry go?