Loan

funschine

When I was 21 (4 years ago) I had to drop out of Uni due to financial difficulties. I had a student overdraft of £1400 at my bank. I stupidly told them that I had withdrawn from Uni and the bank jumped on me straight away and basically forced me to turn the overdraft into a loan than and there. They really didn't give me any choice and I left the bank close to tears. Are they allowed to act like that? Surely I should have been given the oppertunity to shop around for the best deal. They also told me that if I change my account to a royalties account the loan would be cheaper but I could change my account to a current account again any time. When I tried to do that they told me that I would need to take out a new loan again and the cheap rate will disappear. Either way I would be paying more interest than before. Now I am paying 15.8%. and £6 a month for the royalties account that I really don't want.
Has anybody else been in the same situation? Any advise on the matter would be great. It probably would help others too if they are in the same situation.
Thanks
SAndra

cfl51

[SAndra[/QUOTE]
what ypu have to do is actually go into the bank you have the loan with and discuss the situation with them most companies you owe money with are always living with the fear that you declare yourself bankrupt and then they get nothing.if you do declare yourself bankrupt you will not be able to get credit for anything for 7 years that is why most companies will negotiate with you regarding any payments as long as they get something from you they will help you have to speak to the loan provider