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On the past years statements from Santander for my loan they all state an interest rate of 16.61% . I queried the amount of interest applied to my last final statement. I was informed by Santander that the interest was calculated at the rate of 17.94% ie 1.33% higher than the figure given on the statement. I have received no notification of any rate change and in anycase they need to gice 30 days notice under the T&Cs.
I think this is illeagal they simply can not charge a rate higher than that on the statement.
My balance was £53.25 this was cleared after 14 days when the next direct debit cleared the loan.
So I have interest at 14 days @ 16.61% on £53.25
I worked this out at around 34p interest not the 95p they charged me.
95p interest on £53.25 for 14 days is a massive 45% interest rate, and not the 17.94% the quoted !!
Who needs loan sharks ?
Now I know the amount is not a lot, but if they have done this to me what are they doing on other accounts .
I think this is illeagal they simply can not charge a rate higher than that on the statement.
My balance was £53.25 this was cleared after 14 days when the next direct debit cleared the loan.
So I have interest at 14 days @ 16.61% on £53.25
I worked this out at around 34p interest not the 95p they charged me.
95p interest on £53.25 for 14 days is a massive 45% interest rate, and not the 17.94% the quoted !!
Who needs loan sharks ?
Now I know the amount is not a lot, but if they have done this to me what are they doing on other accounts .
