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can i do anything


bmalayil
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i am with HSBC for almost three years now. i get my salary paid directly to the bank. never overdrawn.

i had a personal loan with them for two years they charged me an interest rate of 11% which i have paid in whole.

now last month i have taken another new personal loan from them and they are charging me 15.9%

is it acceptable. let us forget about me going to other lenders. can i do something to bring this interest rate down or claim it back

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Honestly, I doubt it... I think they would argue that they would say "you agreed to the rate when you signed the loan agreement"

 

The only thing I can suggest is to apply for another loan at a lower rate, from another lender and pay off the 15.9% loan.

 

Obviously this will affect your credit rating, so consider that.

 

On the other hand, someone may be along shortly to correct me.

 

Matt

Power tends to corrupt; absolute power corrupts absolutely - Lord Acton.

 

Advice offered by MattyH is without predjudice and is for your judgement as to whether to take it. You should seek the assistance or hire of a solicitor or other paid professional if in doubt. Please research any information I have offered, as I will not be held liable for any incorrect advice i've given you.

 

<--------- If my advice has helped, please tip my scales. 8)

 

For Further advice come into the Chat Room: http://www.consumeractiongroup.co.uk/forum/chat/flashchat.php

FAQ's : http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/

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No, 134,416 to go .........oops no we have more members now ..this will be a long wait OP unless you just accept its no now :D

When you want to fool the world, tell the truth. :D

Advice & opinions of Janet-M are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any

doubts.

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