Amazed and astounded!

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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Comments

  • skintchick
    skintchick Posts: 15,114
    Debt-free and Proud!
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    Oh that's great news! Brilliant!
    :cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool:
    :heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
  • Avogirly
    Avogirly Posts: 751
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    :j :j :j :j HOORAY very pleased for you! :j :j :j :j

    What a great motivator to keep going! :T
    October make £10/day currently £11.02
  • Brilliant :j :j :j


    It just goes to show that it is well worth making that call... the worst they can say is no.


    Bit of cheeky advice:
    Call them again in a years time and see what they'll offer you then. Should be able to get a further reduction if you threaten to take your business somewhere else (I guess your credit rating will have substantially improved after a few years of flawless repayment).

    Good on the person at Ocean, TBH not the impression I had of that company!
  • Keep going, as you want to get that rate down closer to standard mortgage rates, as it is secured

    Good call though
  • That's excellent!! Bet you'll have a nice weekend now!
    Mortgage-free wannabe!
  • If you don't ask you don't get. No-on tells you you can do this do they? they're all so eager to give you credit and get you into debt but don't wanna help when it comes to clearing it. Good on you, bet you feel great!
  • wow thats great news i bet you feel on top of the world i know i certainly would!!
    Abbey Loan £6,000
    Tesco loan £3,000
    Tesco points --- £100 worth £400 in deals for holiday! :j :T
    "It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)
  • wow that is brilliant. I'll be making a call to my bank on Monday and see what I can get out of them. Well done.
    Official DFW Nerd Club - Member no. 038 :j
  • ivyleaf
    ivyleaf Posts: 6,431
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    :T :T :T :T :T :T :T :T

    Way to go Keren!!!!! :T :T :T :T :T :T
  • I'm going to wait until I get my next pay rise in a few months time then give First National a ring again. Will be interesting to see what interest rate I now have when the paper work arrives. I was very happy!!

    Thankyou for all your kind words, i'm determined to get it down to 96 months at my next payrise!

    Keren
    :D"Stay Wonky":D

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