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I have another question-Bank Error, took out loan from Bank on a 15 years term loan with 3 years interest only and then 12 years capital repayment to repay the loan at 144 payments of x amount, after having paid the interest for 3 years, the bank wants me to make higher payments of y amount ? they admit they made a mistake, a clause 4.2 says 'All notifications, determinations and calculations given or made by the Bank will be binding except in case of manifest error ' the difference is huge? they forgot to charge me interest on the capital amount, are they right as I accepted in good faith ? and it's supposed to be a binding contract.
Do the mis-calculation amount to a manifest error?
if YES, does this allow the Bank to rectify that error by re-calculating repayments and serving a new facility letter ?
If NO, does the mis-calculation on the facility letter amount to material fact which is binding
If YES what steps should we take ?
If NO, where does this leave me?
is it possible to get another opinion from a member of the panel?
I seem to be getting confused, and your answer seems contradictory, if we accept this is a manifest error then the clause comes into effect and allows the bank to rectify the error
this error was not noticed for 3 years and it is not obvious so we are trying to argue this is not a 'manifest error'