Hi Guys
Is it standard that a loan contract says;
'Under this agreement, amount and type of fees and charges and when they are payable (including by imposing new fees and charges or changing the method of calculation of a fee or charge) may be changed without your consent'
If I am bound to it, that means, even though I am not supposed to pay any penalty for early payout during variable rate period, under the current contract terms, if the bank decides to introduce the penalty in future, I have to pay it?
TIA
Is it standard that a loan contract says;
'Under this agreement, amount and type of fees and charges and when they are payable (including by imposing new fees and charges or changing the method of calculation of a fee or charge) may be changed without your consent'
If I am bound to it, that means, even though I am not supposed to pay any penalty for early payout during variable rate period, under the current contract terms, if the bank decides to introduce the penalty in future, I have to pay it?
TIA