interest savers software

From: Cathy Baxter


Hi

Anyone heard of or used Interest Savers software?

They claim banks make mistakes in calculating interest on loans etc and by using this software mistakes can be found and you can use their reports to substantiate it to the bank. Apparently banks recognise the software. Been on lots of current affairs type shows - but i don't generally watch them so i wouldn't know.

Anyone used it or ever found mistakes in the interest they are charged on their loans?

Thanks
Cathy
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

Yes, I bought the software about 4 years ago now. It is very easy to use although we have had mixed results with finding problems. When we did though, we went to the bank and had the money refunded, just as is claimed.

I hope that this helps

Dale
 
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Reply: 1.1
From: Rolf Latham


Hi Dale

Without being cynical and being aware who butters most of my bread :eek:), did you notice that the errors seemed to be predominantly in the banks or the borrowers favour.

Past studies (though probably not statistically valid) have found the errors to be in the banks favour 70/30.
Ta

Rolf
 
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Reply: 1.1.1
From: Dale Gatherum-Goss


Hi Rolf!

The errors were all in favour of our friendly banks. Mind you, most of the newer loans come out OK as I find that it is the older loans that seem to cause the problem.

Cheers

Dale
 
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Reply: 1.1.1.1
From: Rolf Latham


Yes Dale

There have been many an upgrade and new and confusing products coming out that have forced the lenders to look much more seriously as to how they do their sums.

In addition, the consumer has never been better educated and the lenders are aware of that.

Ta

Rolf
 
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