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  • FIRST POST
    • shteca
    • By shteca 15th Apr 18, 5:23 PM
    • 53Posts
    • 60Thanks
    shteca
    Ikano bank loan rate dispute
    • #1
    • 15th Apr 18, 5:23 PM
    Ikano bank loan rate dispute 15th Apr 18 at 5:23 PM
    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 donít 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 arenít willing to send it me or donít have it what are my options? I know itís only 6% but on £15,000 itís a lot!!
    Any help please
    P.S overall experience with Ikano has been poor. Would not recommend at all!!
Page 1
    • PeacefulWaters
    • By PeacefulWaters 15th Apr 18, 6:27 PM
    • 8,318 Posts
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    PeacefulWaters
    • #2
    • 15th Apr 18, 6:27 PM
    • #2
    • 15th Apr 18, 6:27 PM
    What does your copy of the agreement say?
    • TadleyBaggie
    • By TadleyBaggie 15th Apr 18, 7:33 PM
    • 2,981 Posts
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    TadleyBaggie
    • #3
    • 15th Apr 18, 7:33 PM
    • #3
    • 15th Apr 18, 7:33 PM
    Suspect this was a 3% flat rate, wasn't via a car dealer by any chance?
    • Westminster
    • By Westminster 15th Apr 18, 7:44 PM
    • 914 Posts
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    Westminster
    • #4
    • 15th Apr 18, 7:44 PM
    • #4
    • 15th Apr 18, 7:44 PM
    You would have signed an electronic or hard copy agreement with the rate, term and monthly figure.
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    • bengalknights
    • By bengalknights 15th Apr 18, 7:44 PM
    • 4,484 Posts
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    bengalknights
    • #5
    • 15th Apr 18, 7:44 PM
    • #5
    • 15th Apr 18, 7:44 PM
    Did you sign and return any forms back at the time?

    You should have your own copy of the agreement
    • shteca
    • By shteca 15th Apr 18, 8:34 PM
    • 53 Posts
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    shteca
    • #6
    • 15th Apr 18, 8:34 PM
    Agreement
    • #6
    • 15th Apr 18, 8:34 PM
    I donít have a copy. They never sent me one and there is no online portal to review documents.
    • PeacefulWaters
    • By PeacefulWaters 15th Apr 18, 8:39 PM
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    PeacefulWaters
    • #7
    • 15th Apr 18, 8:39 PM
    • #7
    • 15th Apr 18, 8:39 PM
    I donít have a copy. They never sent me one and there is no online portal to review documents.
    Originally posted by shteca
    Was it a car dealer?

    Was there talk of other fees along the way?
    • Clive Woody
    • By Clive Woody 15th Apr 18, 9:44 PM
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    Clive Woody
    • #8
    • 15th Apr 18, 9:44 PM
    • #8
    • 15th Apr 18, 9:44 PM
    Perhaps 3% was the typical rate quoted by the lender, potentially you got a higher rate when you applied for a loan with them.
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    • Ben8282
    • By Ben8282 15th Apr 18, 10:08 PM
    • 2,483 Posts
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    Ben8282
    • #9
    • 15th Apr 18, 10:08 PM
    • #9
    • 15th Apr 18, 10:08 PM
    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
    • By bazzyb 15th Apr 18, 11:08 PM
    • 1,213 Posts
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    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
    • By DCFC79 15th Apr 18, 11:56 PM
    • 33,157 Posts
    • 20,880 Thanks
    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.
    • shteca
    • By shteca 16th Apr 18, 4:34 PM
    • 53 Posts
    • 60 Thanks
    shteca
    Loan
    No it was just a personal loan.
    • shteca
    • By shteca 16th Apr 18, 4:37 PM
    • 53 Posts
    • 60 Thanks
    shteca
    Online
    That is correct, when I signed the agreement it was all online. I didn't print it off at the time but now they are not sending it me so I have no idea what I actually agreed to, this is the problem
    • singhini
    • By singhini 16th Apr 18, 5:46 PM
    • 370 Posts
    • 219 Thanks
    singhini
    I'm no expert so don't rely on me but I thought the APR took into consideration the cost of the loan aswell as the interest rate.


    So you could have a loan of 3% but when all costs are taken into consideration over the whole duration of the loan term it equates to an APR of 8.9%


    you need to give more information please (the loan was £15,000 and the interest rate we can guess to be 3%, but what was the loan term and what have you been paying each month).
    • bazzyb
    • By bazzyb 16th Apr 18, 6:49 PM
    • 1,213 Posts
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    bazzyb
    I have no idea what I actually agreed to
    Originally posted by shteca
    So why do you think the rate is wrong? Where did the 3% figure come from?
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