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Confused by extra payments on loan

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  • 28-01-2013 2:27am
    #1
    marketblizzard
    Registered Users Posts: 2 ✭


    Hi Folks,
    In 2005 I took out what I believed was a substantial fixed interest personal loan for a fixed term (7 years or 84 months). The loan period is now over, and I have never missed a payment but the money continues to leave my account.
    The bank have since informed me this was a variable rate loan. This truely was not my understanding at the time, however I conceed I do see it in small writing at the top of the form. The form I signed contained an Important information section which among other things stated rate of interest and an APR which I assumed was fixed like i asked. It never mentions that these may change. My question is that aside from the fact I feel either stupid or Duped into a mistake.... Should the Bank not have informed me everytime there was an interest rate change to the loan ??? The payments never altered once during the period of the loan further compounding my belief it was fixed. Any thoughts or help Greatly appreciated.


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    No, they generally don't inform you of interest rate changes on an individual basis.


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    #3
    marketblizzard
    Registered Users Posts: 2 ✭marketblizzard


    Cheers Buffybot... was just a shock as I thought it was over. The same bank informs me everytime the mortgage changes so just seemed it would be normal and in the interest of Transparency to do the same with that loan. Seems I have no comeback ! Thanks for the reply.


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