Can you cut the cost of existing loans?

Humbledoor01

Thanks - tried that with no success - pulling my hair out at the moment.

Any other ideas?

painter1967

hello to all. i wonder if anyone can help me with this. i have a loan with lloyds tsb. when i asked if i could cancel my ppi, and buy my own insurance, i was told no problem but they would renew my loan terms. once they had done this i found that my loan repayment without their ppi would be just about the same as before. does anyone have anyadvice on this. thankyou kevin.

spidar

HumbledoorO1 - I found myself in a very similar situation so I spoke to the company who had issued the original loan and asked to change my payments in order to complete the loan within 2 years. They were very helpful and allowed me to do this. I was not told at the time of signing the original loan that it was for a period of 10 years unless I paid additional premiums - I found this out 5 years after purchasing my double glazing.

spidar

My son has been given the opportunity of having all his credit card debts and any unsecured loans taken out before 1.4.07 written off via a 'loophole'. I have been unable to find any details of such a loophole on this site - is it a scam? He would have to pay £450 for the first debt, £150 for any subsequent and £1000 to the company on completion. This sounds like one of those 'if it sounds too good to be true, then it is' type operations!

(Sorry if this is the wrong board - I'm a newbie!)

rsykes2000

spidar wrote: »

My son has been given the opportunity of having all his credit card debts and any unsecured loans taken out before 1.4.07 written off via a 'loophole'. I have been unable to find any details of such a loophole on this site - is it a scam? He would have to pay £450 for the first debt, £150 for any subsequent and £1000 to the company on completion. This sounds like one of those 'if it sounds too good to be true, then it is' type operations!

(Sorry if this is the wrong board - I'm a newbie!)

Scam, there's been no evidence that this actually works - tell him to save his money.

Humbledoor01

spidar wrote: »

HumbledoorO1 - I found myself in a very similar situation so I spoke to the company who had issued the original loan and asked to change my payments in order to complete the loan within 2 years. They were very helpful and allowed me to do this. I was not told at the time of signing the original loan that it was for a period of 10 years unless I paid additional premiums - I found this out 5 years after purchasing my double glazing.

This is just mis-selling and completely out of order - I was not told either!! My fault, I know, is there anything that can be done about this??

p00

I have a loan with my bank and to pay it off would cost me £5000 (with 3 years to go) including a penalty. I didnt realise when I took the loan that I couldnt pay chunks off it which would reduce it quicker and save interest, and thats what I wanted to do really. So I thought that if I could borrow £2500 (over 2 years or even one if the interest is low enough) and pay the other £2500 I could pay that off then I would save on the interest that way and clear it quicker.

looking at borrowing that amount I have only found A&L at 14.9 (Abbey at 8.9 but same bank now isnt it?).

So does anyone know the best way to go about this please. Ive heard of CCs that will put money in your bank but dont know anything about it.

p00

spidar

rsykes2000 - thanks for that, I will tell him. I thought it sounded a bit sus!

bluezone101

wow that's very nice to see you guys helping one another