halifax loan help please

someonehadmyusername

i got a £4000 loan from halifax a few months ago. i have terrible interest rate of 15.65% therefore will pay £141.32 a month for38 months totalling £5,087

i make my first monthly repayment next month

last week i called them again to extend loan to £7000 to get a lower interest rate over longer months and to pay around the same each month.

they turned me down on basis of i dont have joint applicant and i was applying within first 6 months of me applying first time.

my question is can i apply somewhere else for a loan of £7000 in order to pay off halifax and bepaing around £150 a month for 5 years.

will i be turned down agin?anfd where would be the best place to apply?


thankyou for any replies
xxx

Astaroth

The problem that you mention is that you will already have 2 credit checks on your file in recent history (most companies see these as a negative) and secondly the will see that you already have £4k loan when you apply for another one for £7k

Cannot say if you will be turned down or not but if the halifax have turned you down for another £3k will another lender consider you for £7k may be questionable.

Robert_Sterling

Do you know what the Halifax "Early Redemption" penalty would be?

regularsaver1

2 months interest penalty from day one of the loan for early redemption - and to increase a loan you have to do a new one and pay off existing

why did you take £4k? - as £5k is cheaper interest rate

if they suggested second applicant, it suggests to be that they are saying the £7k was not affordable on your sole name

someonehadmyusername

just to bump this up again


i contacted halifax last week to ask for advice on when to apply-he told me after 3rd payment which would make it 6mth from when 1st applied but only 3 mth since i applied again


but the 2nd time i applied, i asked for an extra £200 overdraft which i couldnt get but two weeks ago they offered me £1000, which tells me my credit must have got better?


do you think i would get £7000 if i apply in aug?
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someonehadmyusername

pleae help
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lynzpower

Would this be covered by the 14 days cooling off period?