Consolidation

clarab_3

How do you convince a lender that you dont want extra money - but that you want to pay off an existing loan in full?

I really want to get my cahoot loan on a fixed rate as I dont want to leave myself in the exposed position of it being on a variable rate as it has gone up twice.

As Cahoot are now Satander I was hoping they would move it to one of their existing fixed interest rate products, I was expecting a high interest rate because of my credit rating but my main interest was in fixing it that I could better control my finances.

Santander have declined as they say lending me money will raise my total amount of lending. I just cant get it over to them that I dont want to even see the money, I want them to take it straight back for the money I already owe them through cahoot.

Its in both our interests - why cant they see that??

Rafter

Well - except Santander will be losing 17.9% interest for a much lower rate.

Your best bet is going to be to continue to snowball and throw as much as you can each month onto the cahoot loan to get it paid off.

Unless you credit rating is good and you earn £30k plus I can't see anyone lending you the money you need for a much better rate.

You could try to get a life of balance credit card - but without the credit rating you may not get the rate or balance you are hoping for.

Good luck

R.

clarab_3

Rafter wrote: »

Well - except Santander will be losing 17.9% interest for a much lower rate.

Your best bet is going to be to continue to snowball and throw as much as you can each month onto the cahoot loan to get it paid off.

Unless you credit rating is good and you earn £30k plus I can't see anyone lending you the money you need for a much better rate.

You could try to get a life of balance credit card - but without the credit rating you may not get the rate or balance you are hoping for.

Good luck

R.

Thanks. Im not actually expecting a better rate. Im resigned to the fact that my credit rating is goosed for the time being and would willingly let Satander lend me it at 17.9% for life of balance.

My issue is that that is a variable rate at the moment, and that scares the life out of me, I feel very exposed.

I dont have extra money to throw at it, and 6 years is a long time to have a fluctuating APR hanging over your head.