Want to change loan from barclays to someone else...

emmaking1987

In the past year I have racked up a fair bit of debt. Owing money to family, £4000 in credit cards, £400 in overdraft, accumulating debt on short term loans e.g. wonga etc.

I thought i was getting a good APR with barclays but turns out with a £6500 loan I will pay back £10,800 over 5yrs. Looking through this website I have found cheaper banks. Although some have declined me I am waiting for others to get bk to me.

Any advice on what i should do? Consolidating my debt has been a god send and I am much more comfortable with the repayments, but of course if i can get it even cheaper it would allow me to start saving again!

Gordon_Hose

The only way you can do it is to get a new loan to pay off the existing one. But if you're being rejected already, you may struggle. Too many searches on your credit file doesn't look good to potential lenders.

emmaking1987

Yeh thats exactly what im trying to do. Get the barclays loan paid off and then i can have smaller monthly repayments with the new one. I will find out the response from this one and if it is a no then i will have to think about what i can do.

GAH

Have you consolidated all your debts already and just have the £6500 loan left?

Do you have any other debts?

When did you take this loan out?

If you have applied to mainstream lenders and are being rejected, its unilikely you will get another loan.

ExNicotineQueen

Emma - the Barclays loan, were you actually approved for this £6.5k loan? And is it a case of you were approved for it but then decided to look around at other lenders and what rates they were offering and decided to apply elsewhere?

emmaking1987

My debts are consolidated already and all it left is the £6500 loan with barclays. I only took this loan out a couple of weeks ago, i've not even paid the first repayment yet.

I've been a barclays customer for years and and in a panic just went for the first loan available, i did it online on a sunday and was in my account on the monday. And yeh i was approved but then like an idiot only looked at different offers afterwards. I'm useless with money and in a panic didnt shop around. But ive been seeing quotes at £7000 loan pay back 8500. Whereas my 6500 will total 10,800 by the end. I dont know what else to do but be lumbered with the high interest if no where else accepts me.

jonesMUFCforever

You will pay less interest if they allow you to overpay - this might be your best option if your credit history is not A1 and you have already been declined elsewhere.

madmonkey01

I think you should be happy you were accepted for the loan. you are now unlikely to be accepted again, because you will have an extra £6.5k debt showing on your credit file, on top of the other debts you had, as those will not show as settled straight away, and can sometimes take a couple of months(as they only update the files monthly).

wotway

If you can get an acceptance and can redeem in full before the first payment ,I believe you would nullifiy the Barclays loan. I will not swear to this without reading the devil in detail.

AMG762

Hi,

It looks as though Barclays currently have some sort of price promise at the moment (within 30 days of taking out the loan). May be worth looking into....

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drbesty

The only problem I can see with that is that you'd have to actually be offered a loan, which may be tricky after having just taken out a large loan