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After banking with the Bank of Scotland for several years they kept offering me a loan.Finding myself in a spot of financial difficulty I decided to take out a Loan with them to cover all my debtors. Everything seemed fine at first, but included with the loan came a new account - Preference account. I had an immediate access to £600, very nice indeed, but too easy! So as I used the account and eventually reached the cards limit, they without telling me increased the cards limit. Now I know that its always wise to live within your means, but when someone shoves £250 more under your nose do you spend it or not? It was so easy to spend all of thier money, takeaways every night etc, BUT! When it comes to paying it all back beware! The interest rates are astronomical Over the last 4 months , out of the £488 I have paid them, the balance went down a staggering £120 , I am not accusing them of money grabbing and it is my own fault I found myself in this situation, but be warned, the nice smiling blonde behind that sheet of glass is not smiling cos she likes you, oh no, she is smiling cos you pay her wages, and lots of it no doubt. Well good luck to all of you that decide to take a loan with them , dont use the preference account, snap the card up, throw it away, but please, they are rich enough without giving them your hard earned!
I note that this review was written some time ago, but i actually found it by putting BOS preference account into the search engine.... hoping to check my account online, which I have never done before, and is not , I see, a possibility with this type of account. Yes, I work in accounts and juggle all our credit cards and sort bills etc, but only recently on being home a long time with a broken hip, and having much more time on my hands, have I realised that our BOS preference account has quietly been charging us more and more over the past few years and is actually an astronomical interest rate. I have borrowed from another lender at 0% and just paid it all off, after phoning them to ask why they are charging over twice the normal rate, a massive rate, and they just said, this is an overdraft type of account. I do NOT agree with the last review that it is not the bank's fault. They ARE massively overcharging.... the other credit card companies are not doing us a favour, they are charging a fortune too, but the BOS are really putting the knife in!! The Preference account is completely bad news.... there are many others offering a much fairer service.
ariadne 17.03.2003 23:07
As you say, it's not the bank's fault that you paid a great deal of interest - a loan is a loan. x