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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
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