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sbrown1450 | 21:37 Fri 10th Jul 2009 | Personal Finance
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In August 2007 we took out a loan to buy a caravan. Now with all the interest rates changing we are wondering if the repayment figures should change. We have not heard anything from the loan company but we keep seeing adverts saying you can claim money back from your loans due to the interest rates changing. Can you advise?
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Avatar Image CheekyChops
You need to check your loan agreement to see if it was a fixed rate loan or variable. If fixed rate then it doesn't matter what happens with interest rates, your will remain the same for the whole term of the loan.
21:42 Fri 10th Jul 2009
Avatar Image dasherman
Interest rates on loans have generally gone up since the recession started so the odds of you being able to claim anything back are probably minimal.
08:32 Sat 11th Jul 2009
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Avatar Image factor-fiction
I wasn't aware of any adverts saying 'you can claim money back from your loans due to the interest rates changing'. Have you got a link to an example?
10:42 Mon 13th Jul 2009

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