never ending loan

geordiebloke_2

my girlfriend had a loan about 4 years ago for 6000 pounds over 5 years not quite sure of the monthly repayments but i think the loan was from tsb so i would imagine that the intrest rate was quite high. she was paying the loan for about three years and then lost her job and could not keep up the payments and after a few months aggreed with the bank to repay at 60 pounds per month but this is going to take about 7- 9 years to pay off does anyone know of a way we can reduce this at all i have tried to get a loan myself to pay off the loan so that the overall reypayments would be cut but have been refused as i have already got a loan my self all advice would be gratefully recieved.

ArchieB_2

Why don't you just increase the amount she pays and you use the money you would have had to pay into the loan you tried to get to subsidise her instead?

Alternatively put the monthly loan repayment you tried to get into a saving account and pay off your GF loan once there is enough. If you were considering getting a loan out yourself then I assume you are OK with this commitment?

If she was already paying for 3 years then there can only be about £2500 left to clear, what about a low rate card or BT card if you want to save the interest costs?

geordiebloke_2

thanks for your thoughts!