I Am Frustrated.....

Brindle_2

I bank with Halifax...

I get paid Weekly and have a spreedsheet which tells me each week how much goes about by DD etc...

I have two seperate loans with Halifax which are £101pm and £139pm...

My idea was, as I earn about £200pw on the week that I have the £101 loan go out was to create a standing order for an extra £20pm to go that loan so repaying faster.....

Spoke to the bank on the phone and they say that you can only do this if you visit the bank personally.....

As I do all my banking online this is a real inconvience to get to a branch....

Also fear that if it is not directly going out I will end up not using the £20 to repay the loan...

Has anyone else had this experience and could may be suggest something....

Credit rating is not good, but not bad so am concerned about maybe getting a new loan to be able to this as I have got into a very good routine now (was abousolutely terrible before) in paying all DD's.

Rafter

If it is not a flexible loan, then you will have to go into the branch to 'reschedule the loan' so the payment amount is around the £120 mark.

I guess that is why they need you to come in (although it may just be a ploy to get you to take out more lending or payment protection).

Why not open a regular savings account with A&L instead - the rate is probably as much as your loan and that way you are in control?

R.

Brindle_2

So you're saying I can increase the amount of the DD..

regularsaver1

The loan DD's are set - it does not benefit you to pay extra monthly, but it will as a whole. I'd agree as above, save up in a regular savings account.