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interest rates
I suffered a credit crunch of my own a few of years ago and defaulted on two loans, both fully repaid shortly after. As a result my credit rating took a nose dive but i have not missed a payment on anything since. I took out a loan last year at 19.9% with Abbey and was wondering if anyone knew if it was possible to renegotiate a better interest rate on an existing loan. I am sure my rating must have improved again with another year behind me and would like to reduce my outgoings if possible.
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I don't think it is possible - you would have to take out a new loan for the remaining amount and repay the old one. I may be wrong though, I'm sure someone will be along shortly to advise if I am.
If your score has improved now, can't you get a loan from elsewhere at a lower rate to repay this one?
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