I recently applied for a loan with a highstreet bank which was agreed and signed a credit agreement for a specific repayment amount per month.
A couple of days after the money went into my account and after I had used the money to pay credit cards etc off I got a letter from my bank telling me that the money had been paid into my account (which I already knew) and giving me the repayment details which had gone up some £45 from the credit agreement of which there was a copy showing the lower amount.
I was wondering if the banks are entitled to change repayment amounts like this after signing the credit agreement as I believed this was a legally binding document.
I have complained to the staff member who went through the loan process for me, and the banks lending centre didn't even inform their staff member of this alteration, let alone myself. The only explanation they could provide to her was that the credit scoring process had set the amount higher.
Any advice of what to do next would be appreciated.
A couple of days after the money went into my account and after I had used the money to pay credit cards etc off I got a letter from my bank telling me that the money had been paid into my account (which I already knew) and giving me the repayment details which had gone up some £45 from the credit agreement of which there was a copy showing the lower amount.
I was wondering if the banks are entitled to change repayment amounts like this after signing the credit agreement as I believed this was a legally binding document.
I have complained to the staff member who went through the loan process for me, and the banks lending centre didn't even inform their staff member of this alteration, let alone myself. The only explanation they could provide to her was that the credit scoring process had set the amount higher.
Any advice of what to do next would be appreciated.
