Being charged 1% less than my quoted rate on Term Loan

[RichInSpirit]

Just saw that a quarterly interest payment went onto a term loan that I have with an Irish Bank this morning.
I never checked if the interest amount was correct before so just did a quick back of envelope check on the rate and to my horror discovered that the interest being charged looked much smaller than I expected.
I reckon about 1% less than the rate quoted on my statements.
Who do I complain to I wonder ? ☺

 

[RedOnion]

Are you sure it's not a discount for having a current account with them?

 

[RichInSpirit]

Hi RedOnion, no i'm not sure. I'm not a "triple A" customer with them and nowhere is mentioned a 1% discount.
I think their system is at fault, but I am loath to tell them that as this bank never makes mistakes !

 

[RedOnion]

this bank never makes mistakes !

That doesn't help - no bank makes mistakes!


Sometimes there is an automatic discount.
KBC for example give a 1% discount on personal loan rates if you have a current account with them.

 

[noproblem]

Just think what you would do if they were charging you 1% too much? That's what you do now, but you don't have to, YET!

 

[Andy836]

Are you sure you're calculating it correctly or using the correct interest rate?

What is the interest rate wording? Is it Euribor + XX%, ECB + XX% or a specific phrase like Prime Rate + 0.5% or something else?

 

[RichInSpirit]

Just think what you would do if they were charging you 1% too much? That's what you do now, but you don't have to, YET!

I could root out all the past statements. Bit of a chore as they are all pdf's never looked at. And work out how much they undercharged me. And then approach them to right the injustice.

 

[RichInSpirit]

SPC100's thread is the answer to my 1% I think. I made some extra payments lately and this seems to have some changed the interest calculation.