New Post Advanced Search

Coronavirus: The latest from MSE

The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: NEW MSE Coronavirus Guides


Amazed and astounded!

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
19 replies 8.8K views
Burlesque_BabeBurlesque_Babe Forumite
17.5K posts
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
I took out a £20,000 secured loan in July through Ocean and have a First National loan with a interest rate of 10.88% over 240 months. This was £204 per month. I was, at the time, just happy to be accepted as I am re-building a previously extremely poor credit rating, but this (other than my mortgage) is my only debt.

I don't know why, (must be this board rubbing off on me!), but I decided to call them to see if it was possible to up my payments a little and reduce the term - even if I could shave just a couple of few years off would have been an improvement!

Anyway, when I asked this, the guy said, ok I'll give you some figures, but before I do that I'm going to reduce your interest rate (quick tapping of keyboard) so your new monthly payment will be £160.00 a month!!!!!!!!!!

I asked why he had done that - his reply - just because I wanted to really - we review accounts and can reduce the rate! I was so shocked and pleased I forgot to ask the new rate....but anyway...

we went through a few different figures (didn't want to overstretch myself) and the upshot is, that with my new interest rate I can pay £238 per month and I've HALVED the term to 120 months!!!!!!!!!! I've increased my original payment by £34 a month and knocked 10 YEARS off my loan!

I am very very happy. If this is standard practise, then I want more people to know they can have their accounts reviewed, and if what i've done today helps anyone in any way, I will be as happy for them as I am feeling now - come next pay increase I'm going to reduce the term again!!
:D"Stay Wonky":D

:j:jBecome Mrs Pepe 9 October 2012 :j:j


Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support