LOW INTEREST RATES

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dawn20

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Post by dawn20 » Thu Aug 04, 2016 7:04 pm
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JUST A THOUGHT TODAY BANK INTEREST RATES WENT DOWN FOR BORRROWERS AND SAVERS ALIKE TO 0.25% . FOR THOSE IN AN IVA WHY DOES THE STATUTORY INTEREST STAY STATIC AT 8% IF IT IS APPLIED WHY WHEN CANT IT BE SET AT CURRENT INTEREST RATES WHEN YOU CAN PAY BACK ALL YOUR DEBT. I
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kallis3

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Post by kallis3 » Thu Aug 04, 2016 7:09 pm
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I don't think it's anything to do with the bank interest rates.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Foggy

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Post by Foggy » Thu Aug 04, 2016 8:38 pm
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Statutory interest is set entirely separately from the base lending rate, as, unfortunately, are credit card and loan rates.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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dawn20

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Post by dawn20 » Fri Aug 05, 2016 7:17 am
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that's a shame really ,but as you say about credit cards etc it seems the banks are always the ones on top making money on interest rates which can sometimes be the cause of high credit card balances and all to often see debt spiral out of control when you go beyond your means and it balances build up when you don't pay off the balance each time
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