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DEEJAYEMM

Weird term on loan and high interest rate

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A friend of mine asked me to check his Loan Statement on a loan he took out from HSBC 17 months ago .

I was shocked to see that the interest rate applied on the account was 15.9% !! The loan was for the amount of £7650 over a 61 month period (which seems an odd term as on their Web site you get a better rate if the term is between 1 - 5 years !).
He has a good credit score. Does he have any right to say he was missold a loan at an excessive interest rate and over a odd period which in effect more than more than doubled the interest rate payable (using todays rate as an example 6.4% as opposed to 16.9% !).

 

Any help appreciated.

 

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I have just issued a loan misselling complaint about this time period with HSBC.

 

The 61 months will relate to a payment holiday taken in month 1 making the overall loan 61 months from drawdown, but the repayments over 60 months.

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