L33 BYT

So, I have a loan at the min but out of the blue my bank rings me and offers me a good loan at a much better rate than the one I am on.
So I go through all the questions and I accept, however with the protection plan which cost 90 Quid a month. The rate at this stage was 9.9 %.

Any ways I get talking to some people and looked on some websites and they suggest going to a broker for repayment protection, I got some quotes checked the small print and reduced the £90 greatly.

So I ring the bank and say I want loan protection taking off. They sorted it and the other day the paper work came through. I was just about to sign and they had up'ed it to 17.9% I get on the phone and they suggested it was because I had not taken the protection BUT reading on ine it says they cannot do this. The protection is not compulsery.

Now they wont re-do the loan at 9.9% and as its a call centre you only get to speak with monkeys who frankly dont give a shit.

Can any one recommend a way forward with this.

NOT FORGETTING, it now appeard on my credit report I have applied for 2 loans, there is no point going to another company as it will only fail.

Thrush

iTrader: (1)

Go into your bank (who you have the loan with) at a local branch and demand it's sorted out there and then, in person, with someone who knows wtf they are talking about.....

Usually does the trick

Komm88

Have you got proof of the original 9% offer, or the name of the person you spoke to? was the call recorded? If you demand to speak to a manager tell them that your going to the governing body for loans etc. Usually works if you threaten taking it further..

Smit

iTrader: (5)

Sneaky cunts!

L33 BYT

this is why I hate modern day business. I went to my branch and the response I got was:

"Oh sorry sir, as you did this via our service centre I cannot help you. You need to take it up with them."

Rhys

£90 a month protection? That right £90 a month just on the protection?

dave cos4x4

iTrader: (5)

that surely cannot be correct.

Thrush

iTrader: (1)

Then cancel the loan! Then go back into your bank and thrash out a deal!

L33 BYT

I always thought having mutiple loan quotes/applications on your credit report didnt go in your favour.

TrevCos

iTrader: (1)

Right then, I've had bank loans all my working life and I would say this:

1. Don't take loan protection cover at all if you're not likely to need it because it's a complete ripoff.

2. 9.9% is still too high a rate. There's plenty of people now, the big names like AA etc, that will do it at a lot lower rate than that. In fact most bank personal loans are lower than that. Check out LLOYDS TSB etc. Look at the websites and money saving sites etc, you'll get a much better deal. You can apply online and get an instant decision as well, in fact they're virtually giving it away so so long as you are able to pay it back that's the way to go.

HOWEVER, you may find that to end you original loan they hit you with a lot of early repayment fees that actually makes it not worth the bother. Worth investigating though.

Shings

In theory if you have lots of credit applications it does lower your credit score a bit.

Get yourself on moneysupermarket.com

I got 6.0% with no protection- dont need it- can cover the loan and the car I purchased is worth more than the loan