Help -30K Northern Rock Unsecured Loan 12.49%apr

rippedofbynorthernrock

Long and short of it is I am lumbered with a loan of currently around 28K for the next 20 plus years @ currently 12.49% apr!!

I have had the loan abut three years but am distressed regarding how much it is costing me, phoned Northern Rock to see if i could negotiate the APR down, long and short of it is, as i have never missed a payment they were not interested, never mind the payments on other loans i have defaulted on.

my folks are offering to lend me the money interest free to pay it off, i have heard people have negotiated vastly reduced settlement figures, anyone got any ideas or had any success??

Anon (walls have ears)

~Beanie~

If you are manageing to repay the current repayments then unfortunately I don't think you will be able to negatiate a 'vastly reduced settlement figure'. This usually only happens when you have defaulted and he debt has been sold on to a debt collector.

It's worth asking though, you never know!

Mooglet71

Have you rung them to ask what the final settlement figure would be if you were able to pay it off now? You might save in interest but then depending on the original terms of the loan they might have an early repayment penalty in place.

If your parents are able to help you, I would definitely take them up on that offer.