If any one has any sensible suggestions with regard to the following I would be very grateful.
In late 2003 I took out a business loan with RBS, it was capital and interest just like a mortgage on a 15 year term at base plus 2.5%
at first my payments were £1012 per month then after approx 12 months the payments increased to £1234 per month due to the BOE
increasing the base rate. All throughout this time I have had an overdraft with RBS at 3.5% over base which I have been using.
So here is the the thing when the base rate was lowered to 0.5% RBS have never lowered my payment until I flagged it to them last week,
so in effect they have been allocating my payment to the lowest interest first where as if they had lowered my monthly payment as they should of then my overdraft would of reduced more quickly and I would not of had to pay as much interest on the overdraft.
Hope the above makes sense and I would be grateful of any comments you may have.
Thanks in advance
Rbs Buisness Loan
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