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Originally Posted by Prof  Nah, it's reviewed yearly in line with the Bank of England base rate or the Retail Price Index depending on which is lower.
The newer style ones dropped from 3.8% to 1.5% between September and February in line with inflation. Interest on older loans couldn't be dropped due to the type of credit agreement, hence why it's going negative from September. |
Bah, I was hoping they'd revised their bastard ways rather than this just being an effect of the recession. Ah, well, it'll save be a few bob this year so I'm happy.
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Originally Posted by ladysavage excellent news, though i'll still probably be the wrong side of 40 before the fuckers are totally paid off  |
If my payments were to stay the same as they are now I'd be over fifty when it's paid off. Unfortunately I have the new style loan (just) so it doesn't disappear after 25 years
