houseclearou
Registered User
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Never heard of that approach myself and it seems very odd that they would have no correspondence about this matter. Are you sure that there was not some quid pro quo for the increased term such as a reduction in the normal rate of interest payable during the period of double digit interest rates during the currency crisis (thought that was the late 80s rather than early 90s?) or something? Who is the lender - that could help clarify matters.On further research the bank notified them that the reason for the increase in term was due to the currency crisis and that the normal industrial practice at the time was to increase the term to compensate for the increase in markets rates at the time.
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