Can you cut the cost of existing loans?

MSE_Martin

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$17mma

Apart from getting rid of PPI and paying it :rolleyes: are their any other ways of loan cutting?

Angelwaves

My fiance has a loan with Barclays for his landrover and he is paying £185 per month to pay it off with about £3200 left to pay. After reading about how many people get forced into payment protection as part of a loan I checked out how much he was paying and found out it was £25 per month. I therefore got him to call Barclays and ask if he could stop paying this payment protection as he doesn't really need it. However, they told him he can't do that and instead he would have to get a new loan from stratch to pay off his remaining amount and that they then could only offer him an interest rate of 23.9% when his current loan is 5.9%. This would mean he would pay more in the end which seemed very unfair. Is there no way he can get out of paying for the payment protection without getting stung?.

jonesMUFCforever

See my reply in another thread. This seems a duplicate post.

emjel

Not sure if this correct forum area. Have a loan that is now killing me, especially as I have just found out the balance is £15k which is around £10k more than I thought it would be. Want to settle early - settlement figure is just under £10k. Problem is I cannot afford monthly repays, nor can I afford the early settlement. Best I can do with a friends help is get together around £7k. Does anyone think there is any chance HouseBank will accept this. Thanks

Paula4040

I have been scrutinising my credit files and found out that what I though was a personal loan is actually a mortgage - is this legal? I was never told that it was a mortgage or any implications of this.

thanks

Paula

Humbledoor01

Hi all - new here and would really apprieciate your advice. I will keep it short as there is a lot of history to this post. I took out a loan for £764 in 1999 (unsecured) and I have discovered that I am still paying £15.51 each month nearly 10 years later. Can anyone tell me if this is fair or do I have anyway to hit back?

Caz3121

Humbledoor01 wrote: »

Hi all - new here and would really apprieciate your advice. I will keep it short as there is a lot of history to this post. I took out a loan for £764 in 1999 (unsecured) and I have discovered that I am still paying £15.51 each month nearly 10 years later. Can anyone tell me if this is fair or do I have anyway to hit back?

Depends on the length of the loan and the APR and whether PPI was included

aj2703

Well it might be good to check your origional agreement first. By my Calculations you've paid back over double what you borrowed. Itmay be your origional loan finished ages ago and for some reason the debits didn't stop.

Humbledoor01

Cannot open rtf files from this site (I have a Mac) - have also asked this site to send me PPI templates to send to my bank/credit cards etc - but no reply. Can anyone help me get these templates please.

rsykes2000

I think Safari can open rtf files - down.load to your desktop and drag it onto the Safari icon on your dock. if not and you don't have any 'office' programs on your Mac, try Openoffice (http://www.openoffice.org/)