Interest Rise without any letter from the bank

M

MoiMoi

Registered User
Messages
58
Is it a normal process for a bank to rise interest rates without sending out any letter informing me the increase on the repayment? also rang them and being told they have done that, 3 weeks past and i haven't received anything yet and rang them again and same story again. Should i complain? who to go to?
 
What do the terms & conditions of your loan agreement say? Maybe they state that the interest rate charged may change without notification in which case they would be within their rights since this is the agreement signed by the borrower?
 
There is nothing mention about notification in the terms and condition however it says they can adjust the variable rate of the tracker mortgage within 30 days of the ECB rate movement.
 
Sounds like they are not doing anything wrong even if it would at least be polite for them to notify borrowers in writing of rate changes as most lenders do.
 
Have they got your address correct?

It would be good practice to send a letter informing you of your new repayment.
 
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