Santander Loan - I'VE BEEN CHARGED ALMOST 3x MORE THAN I SHOULD HAVE!! Have you?

fewcloudy

FunnyFakingSexDirt said:

ToxicWomble said:

So you went went and looked with the intent of making some over payments to find out that you have already been overpaying - bonus 

Overpaying on interest. So, no, not really.

I don't understand, why is it not a bonus that you have been overpaying since day 1?
Assuming you are correct and bank have made an error, when they sort it out you will have paid more than you agreed to by now. The loan will be settled earlier.
When I settled a loan earlier than agreed (paid back in 4 years instead of 5) I saved interest.

jonesMUFCforever

Bradders I will put a pfennig on  Santander coming back with a copy of the electronic form signed at a rate of 7.9%.

bradders1983

jonesMUFCforever said:

Bradders I will put a pfennig on  Santander coming back with a copy of the electronic form signed at a rate of 7.9%.

😄

I will bite my tongue on this one, can go either way. So only odds of 10/11 for you on that.

FunnyFakingSexDirt

bradders1983 said:

jonesMUFCforever said:

Bradders I will put a pfennig on  Santander coming back with a copy of the electronic form signed at a rate of 7.9%.

😄

I will bite my tongue on this one, can go either way. So only odds of 10/11 for you on that.

I'm happy to offer evens (no max) for you 'MUFCforever'   

bradders1983

Out of interest, is the payment you are making identical to the penny as what you believed you signed for?

It would be bizarre if it listed one interest rate yet stated a payment based on a totally different one.

Potbellypig

How annoyed will you be if they realise their mistake, correct your agreement and payments, but offer no 'compensation'? I'll give you 1/20 on extremely annoyed.

comeandgo

FunnyFakingSexDirt said:

I noticed yesterday that my £18,000 loan was being charged interest of 7.9% APR instead of the 2.8% I signed up for!

I took out a loan with Santander in February to pay off my car finance.

I looked into making an over payment yesterday and in doing so I inadvertently clicked the 'more details' button for the loan.
In my horror I noticed that the APR was at 7.9%, and the total to be repaid was £1000s higher than it should be.
I called them up straight away, having found the acceptance email for the 2.8% loan I thought I was getting, and the loan agreement that you have to save/print before you sign it off. They are now looking into it, and I have to wait another 6 days to receive a letter explaining what has happened. Within that time, I am likely to have to make another payment at 7.9% APR!

To explain why it took me this long to realise: the agreement I signed clearly stated i am paying 2.8% (in bold twice), however it appears the repayments and total to be repaid were calculated using 7.9% APR, which I did not notice.

I wonder if this has happened to anyone else? It might be worth checking!

What are my rights in this situation?

The APR will be higher than the interest rate you agreed.  Are you sure you are comparing the same things?

FunnyFakingSexDirt

comeandgo said:

FunnyFakingSexDirt said:

I noticed yesterday that my £18,000 loan was being charged interest of 7.9% APR instead of the 2.8% I signed up for!

I took out a loan with Santander in February to pay off my car finance.

I looked into making an over payment yesterday and in doing so I inadvertently clicked the 'more details' button for the loan.
In my horror I noticed that the APR was at 7.9%, and the total to be repaid was £1000s higher than it should be.
I called them up straight away, having found the acceptance email for the 2.8% loan I thought I was getting, and the loan agreement that you have to save/print before you sign it off. They are now looking into it, and I have to wait another 6 days to receive a letter explaining what has happened. Within that time, I am likely to have to make another payment at 7.9% APR!

To explain why it took me this long to realise: the agreement I signed clearly stated i am paying 2.8% (in bold twice), however it appears the repayments and total to be repaid were calculated using 7.9% APR, which I did not notice.

I wonder if this has happened to anyone else? It might be worth checking!

What are my rights in this situation?

The APR will be higher than the interest rate you agreed.  Are you sure you are comparing the same things?

yes i'm sure

John_

FunnyFakingSexDirt said:

Why would anyone be so quick to stick up for a bank anyway   

I generally do when someone’s wilfully misunderstood what the deal was, or more often when they have not kept to their side of the deal but claim that they are hard done-by.

in those cases, why would anyone side with the customer over the bank?

FunnyFakingSexDirt

UPDATE:
Hi everyone, Santander have admitted their mistake, and have now switched me on to the loan which we agreed back in February (2.8% APR)
After numerous calls over the past 4-5 weeks I have had this confirmed to me over the phone and the correct loan amount and repayment amount is now showing on my online banking.
I am still waiting for written confirmation, which I was told would take 6 working days. That was over 6 weeks ago now back in mid August.
I hope this thread may have helped at least one person out there, that was on the wrong loan due to banking errors, as I was.
I will give a final update once I receive the written correspondence through the post.

Happy you didn't put your money where your mouth is now? @jonesMUFCforever