Error in "Contract"

Earlier today I was on the phone with one of my banks and did a verbal refinance of a loan. I was quoted 4.34%. I did the whole script thing. Said "yes I agree" to their terms and conditions, etc, etc. I hung up and thought that was that. I asked many times and had it verified that the rate was 4.34.

I get a call about 1 hour later from the same rep who now tells me he made an error and that he should have quoted 4.44%.

Can I insist they follow through on 4.34%?

 

You can and should
But you should be asking are they required to give it? Possibly not.

 

So even though we've both agreed to the same T&Cs they are not necessarily bound by them?

 

That is what you will need to argue.

 

What a weird mess. They called back and agreed to the 4.34 but now weirdly the repayments have gone up. Somehow the repayments are now at the 4.44% level.

I told them to go back study the calls and when they have a clear understanding of what is going on they can contact me. We'll talk again on Monday. Sigh.

 

The bank should honour the amount that was verbally agreed to - doesn't matter that it was an error on their part.

 

An oral contract can be binding!

 

In the end they saw my point of view. But of course they had say it was a gesture of good will.

 

Good outcome!

 

Only so far as upholding your end of the contract, i.e. making the repayments, is a gesture of goodwill too