reducing apr on bank loan

hendo74

Just wanted to ask if anyone knew about reducing the apr on an existing bank loan?
We took out a loan with RBS last march still have 4 years to go the interest rate on it was 10% have heard banks can review loans and reduce the interest rate wondered if this was true and worth going into bank to ask?
Any help appreciated need to reduce our monthly payments as losing hours at work!

Kavanne

Hint: Check out RBS' personal loan rates at the moment. I think you'll find 10% is quite good for them atm.... Perhaps try refinancing elsewhere?

chambta

hendo74 wrote: »

Just wanted to ask if anyone knew about reducing the apr on an existing bank loan?
We took out a loan with RBS last march still have 4 years to go the interest rate on it was 10% have heard banks can review loans and reduce the interest rate wondered if this was true and worth going into bank to ask?
Any help appreciated need to reduce our monthly payments as losing hours at work!

You won't reduce the APR at the moment I'm afraid. Even if the rates we to drop, perhaps with another 'sale', it'll likely be only for Royalties customer and on loans of over £15,000. Given the rate you have any saving would likely be very small on rate alone so I suggest perhaps looking at alternative ideas. Consolidation? Extending the term?

hendo74

Looked at our loan agreement last night we had taken out the ppi on it at £60 odd ponds extra a month it was a joint loan application only we found out last night hubby is the first named so its only him thats covered by the ppi.This was not explained to us and because we took out a joint loan we thought the insurance would cover us both for sickness,unemployment,death etc only reason we looked was because i have been off work sick for more than 30 days and wondered if we could claim.We cant because it says on paperwork first named only is covered.We were NOT told that or we would not have taken it out we both need to be covered.Went into bank this morning and were basically told it was on the paperwork and we should have read and noted that at the time of taking it out!i`m angry!An extra 3000 pound added to our loan for insurance that only covers one of us!