Hi. if anyone can answer this question for us. We were sent a letter in 2007 and were offered a variable tracker 1.25% + ECB, Fixed or SVR. Loan offer states default to Prevailing standard variable rate .The letter said if we do not hear from you we will default to SVR. I rang the bank and can only say I was ill advised by member of staff and loan defaulted to SVR. Never signed anything(At the time I knew very little how valuable this would have been)Never offered tracker again! However I have read posts that people got letters during this time circa stating if they did not hear from them they would default to tracker rate I assume acting in the best interest of a customer or be it the prevailing most common one (My sisters was defaulted to Tracker). My question is why default one customer to a SVR and another default another customer to a Tracker variable around the same period?I have read it was there policy to default to tracker if rate was less or equal to SVR which it was at time. Any thoughts on this or is there any point making a complaint?
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