Our investigation

We reviewed the bank’s letters and agreed they were confusing: the letters had been auto-populated with the existing rate on her loan but referred to the new fixed term.  However, the letters were sent to Mira after she accepted and entered into the higher interest rate and were clearly meant to be informative rather than a new rate offer or contractually binding.  Mira had not suffered any loss as a result of the letters, but disappointment when the bank confirmed it was not making a new rate offer to her.

Outcome

We shared our concerns with the bank that the letters were confusing.  It agreed to review the letters and to advise Mira and our office of the outcome of that review.  Mira agreed to withdraw her complaint on that basis.