unsecured loans---changes to terms/conditions

[ianess]

I have just received notification from my lender introducing new charges and terms to an EXISTING unsecured loan with effect from 01/01/2005.

Although I am unlikely to be affected by these, nonetheless is it legal to make alterations midway through a loan term?

[Didwot]

Sounds like the contract most builders use:
1.The builder will do what he feels like when he feels like it
2.The Customer will pay whatever the Builder choses to charge
3. In the event of a dispute the Builder is deemed to be right.
With apologies to any builders.

[Didwot]

But seriously, Ansteyg is probably right. Look at the existing terms and tell us what they say.

[AB Editor]

Please be extremely careful when posting remarks about companies and organisations. We must endeavour to avoid at all costs defaming anyone. A libel action could have serious legal and financial consequences on this site and on the author of the offending post. Thanks for your care.

[ianess]

Is this the `thought police` taking over? 

 Since when was telling the truth considered defamatory? 

 And what do they have to fear? 

 Personally I find it offensive that agreements entered into in good faith can be manipulated by one side and the `offended` party must sit back and meekly accept the situation.

[Hgrove]

To my knowledge, for something to be defamatory, the person or organisation concerned must be identifiable.  To say "all builders are crooks" is not defamatory.  All the builders of the world cannot get together and sue you.

[ianess]

Hgrove......thanks for the reply.

I must add that in my original question I did name the financial organisation [a well-known High Steet Bank], and that seems to have upset someone at AB.

I do not in any way, shape, or form, consider that by stating the truth.......as put out by snail-mail to all their clients....I can in any way be considered as defaming them.

They may be upset at the fact that something is in the public domain but why the hell should we just let them get away with it, even if it is legal?

Come the Revolution?

[Hgrove]

You are right there too, the truth is never defamatory.  And you have their notification to show.  So they can't say "we never did that". 

[Hgrove]

If the new terms affect you adversely, you are probably protected by the Unfair Contract Terms Act 1977 and/or the Unfair Terms in Consumer Contract Regulations 1994 (protecting the consumer against the big boys); but in practice I would not know how to act on that.  If you are not adversely affected than the chances are that they have reserved the right to make alterations or even claim they have to because of new legislation imposing onuses on them (e.g. data protection etc).