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Posted: Thu Aug 04, 2016 7:04 pm
by dawn20
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
Posted: Thu Aug 04, 2016 7:09 pm
by kallis3
I don't think it's anything to do with the bank interest rates.
Posted: Thu Aug 04, 2016 8:38 pm
by Foggy
Statutory interest is set entirely separately from the base lending rate, as, unfortunately, are credit card and loan rates.
Posted: Fri Aug 05, 2016 7:17 am
by dawn20
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