Bait and Switch mortgage by Credit Union
Description
| Law Type: | Business |
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| Location: | Kamloops, British Columbia | |||||||||||||||||||||||||||||||||||
| Specific Issue: | Breach of Contracts | |||||||||||||||||||||||||||||||||||
Case Description
Took out a 5 year variable rate mortgage advertised at the time as 'prime minus 0.5%'. When signing documents, they reference 'credit master rate' not 'prime rate' - told "Oh, that is what we call our prime rate". Now get a letter saying 'even though our creditmaster rate has been the same as prime thus far, we are now going to increase our creditmaster rate away from prime' with a net effect of us now paying 0.75% over their posted prime. Looking back through documents, some reference CreditMaster, some reference "Prime" (ammendment docs). Something that affects a number of people, I expect. Similar situation with our LOC, which was "Prime plus 1.0", but now increased..
Details
Case id : 008790
City : Kamloops
Province : British Columbia
Category : Business
Specific : Breach of Contracts
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