Lender not honouring better rate

Recently took out a loan for home improvement. Needed funds quickly, shopped around and waited for as long as possible before applying through Clearecore to Ratesetter. I was 100% eligible and received 10.9% apr. 
I’m within the 14day cooling off period and I had an inkling that my offers might have slightly improved so I had a look to see what I’d be offered now. The MSE loan website is now showing me 100% eligibility for exactly the same loan except at 5.7%apr. 
This equates to £2.5k less interest over the period. 
I’ve raised a complaint citing their clause that they may change the agreement if this makes it ‘fairer’ to me. 
What are my chances in the lender changing the terms? or any other thoughts please. 


  • None.     
  • MalMonroe
    MalMonroe Posts: 5,783
    First Anniversary First Post Name Dropper Photogenic
    Before raising a complaint did you phone them to ask whether you could also benefit from the better rate? It's always worth making an enquiry, even if they decline to tell you the full reason. 

    Is your credit report (not score, as no-one but you ever sees that) up to date and accurate? I'm assuming so as you applied via Clearscore but I'd check the others too. Experian, Transunion. Equifax runs Clearscore so that's already covered. 

    Worth a phone call before you withdraw your application, maybe?
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • 100% eligibility on MSE site is not the same as 100% from the lender, nor will it guarantee you will get 5.7%
Meet your Ambassadors


  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards