Amazed and astounded!

EmLoo

:T WOW!!! What fantastic news... I'm certainly going to be trying that one... :T

isgman

:T :T Well Done :T :T it's always nice to see "Good News" :beer:

Burlesque_Babe

The paperwork came through yesterday and the rate is now (if I remember correctly) 7.89% . Almost normal!!!!! :j :j :j

ceegee

Superb!

Also works with mortgages if you are on a SVR......ring 'em up and ask for a better rate. I did it with the Abbey a few years ago and haven't paid the SVR since!

You've got to be a bit pushy sometimes.

tattooed_lady

ceegee wrote:

Superb!

Also works with mortgages if you are on a SVR......ring 'em up and ask for a better rate. I did it with the Abbey a few years ago and haven't paid the SVR since!

You've got to be a bit pushy sometimes.

Sorry to be thick What's SVR??

skintchick

Standard Variable Rate - the one it reverts to when your deal ends, which is always high

niamhtra66

:rudolf:

keren29 wrote:

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!!

Thanks for this, phoned ocean last night to review my account ( have had it for 1 year, only 11 more to go ) they reduced my rate from 10.04% to 7.04%, instead of having a reduction in the monthly payment which worked out a little over £40 i have reduced my loan by 2 years !!! all for a quick phone call, cheers.

annie-c

keren29 wrote:

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!!

That's fantastic!

And you've just inspired me to do something similar. I HATE talking to banks, but I just rang up my credit card provider and asked for a lower rate of interest (I also still have some poor credit ratings from a while ago so can't 'tart' with my cards right now). I thought I was stuck with standard rates for a while longer, but they transferred the call to an advisor who is going to ring me back with a better offer. I'm very excited, not just because of the money (which is exciting enough), but because I would never normally behave like this!! This site is helping me to be much more confident and assertive about money!!

Thanks to Martin too, for such an inspiring website and book!!!

deemy2004

Well done, and good tip to anyone else !