ACC bank

I see on the Independent newspaper today that Michael Noonan has called the banks in- including ACC .
I have written to ACC re my high standard variable rate of 4.4%. They write back with lots of forms to fill in standard income expenditure. I told them that I wasn't in arrears and that I was looking for a fair market rate given the ECB is 0.05%.
What are the chances off ACC reducing the SVR? Does the politicians have any power over a loan mgt company formally ACC ?

Like everybody else on high SVRs you'll just have to wait and see but you can also do your bit:

http://www.askaboutmoney.com/threads/what-you-can-do-to-get-the-svr-rate-reduced.193224/

I presume that the last sentence refers to the situation where your lender was formerly part of ACC?
If so then the same applies there - you'll just have to wait and see what, if any, mechanisms/pressure are brought to bear on lenders to reduce high margin SVRs.

Pinkpanter said:

I have written to ACC re my high standard variable rate of 4.4%.

Click to expand...

Have you considered switching?