Areas of Law / General Legal Advice

I took out a loan for £70,000 in 2006 through a broker, I was told it was linked to the Bank of England rate, but it turned out not to be, and my broker has given me a refund for not advising me properly. Can I pursue this further with the broker or the lender, since my loan rate has only ever increased and never come down.

It’’s not clear whether the broker has just refunded some (or all) of your set-up fees, or whether he has also agreed that you have been paying excessive interest charges and has compensated you for this. It’’s possible a six-year time limit will apply, depending on when you realised, or should have realised, that your loan was not what you thought it was. Ring the Financial Ombudsman Service (0800 0234567) for more specific help with this.

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