Loan Advice

pwuk

Hello,

I have a loan with Barclaycard of which approximately £16k remains outstanding. I have high monthly repayments of about £630pm as I wanted to clear it quickly.

Now however I would like to have lower monthly payments but Barclays won't entertain this. I have a good credit rating but am aware that having such a large loan probably reflects poorly on any search conducted as I have made two applications for a loan and been refused.

Can anyone advise who I should approach for an unsecured loan to assist in dealing with this?

Thanks

Rafter

Sorry about your situation.

Unfortunately due to the lack of consolidation loans available you are going to find it very hard to move your loan elsewhere.

You can try to cut it down by getting 0% credit cards, but again you might find it tough getting a high enough limit unless you are earning a great salary - in which case you wouldn't be finding it tough to manage your repayments.

You could try applying for a smaller amount elsewhere - say £5,000 and then use this to repay part of your loan. This will only assist you if Barclaycard will reduce your payment though - otherwise you mike make life tougher in the short term.

Good luck

R.

paultither

Loan companies at the moment will see a new loan as an addition to the existing loan rather than a replacement. That seems to be the trouble I am having anyway.

Edmo

Hi Paul,

A large loan on your credit history shouldn;t e a problem as long as you are keeping uo to date with the repayments. When applying for a consolidation loan the company should take into account that the loan is to replace an existing one - I used to work for Barclays (urgh, hate admitting that!) and when the loan is processed it requires the operator to type in the amount of Barclays borrowing outstanding to be repayed by the loan being applied for. I woudl suggest that you look to approach the bank that you currently bank with - if this is Barclays then perhaps look to move your accounts elsewhere (I've always found First Direct to be amazing - excellent service and really accommodating) and request a loan application at the same time. Barclays are the most unorganised horrible company I have ever had the displeasure of working for. I left in April and practically skipped home on my last day!

Edmo

Sorry, that should have read Hi PWUK, not Hi Paul!