Personal Loans.

vwman_3

I took out a personal loan in June last year with the Halifax Bank, to date have made all the payments and there is no problems, credit score is average with Experian, last search was done in August last year, one search was done earlier this month shown on Equifax, but not Experian, the Halifax use Experian to do their searches as far as I am aware. I have no late or missed payments in the last six years shown on either CRA files, and have just closed down 3 credit cards in the last month, they are not shown as settled as yet on my files.

The OH has now decided that she has had enough of living in sin and wants to get married in May this year, so I was wondering if anyone has had any dealings with the Halifax Bank re either taking out another loan, or re-financing the original loan for a further amount, I ask due to the short period the loan has run, it was originally taken out for 48 months.

I bank with the Halifax and have a curent account with overdraft/savings/credit card with them as well as the loan.

Any advice would be most welcome.......

vwman_3

Anyone.......?

tommy_a

You should have no problems at all. As long as you have kept up all payments on time. Halifax will give you the loan you want over the period of time you want it but will take out the the monies which you still owe them from this loan.

The best thing to do is give them a ring and tell them you want a settlement figure on your loan at the present time. They will either tell you on the phone or confirm it by post, explain to them you are thinking about taking out a further loan.

You can then work out how much you need to borrow for the futher loan and to pay off the settlement figure.

Once you have worked this out, apply for the loan.

regularsaver1

You would have only started your first payment in September -so they would have only been able to assess your payments since then

However, if you have yopur accounts there is maybe likely to re-finance. If you have your wages go into your current account then you may get the better rate if over £7k

vwman_3

Thanks or the replies, I'll pop into my local branch tomorrow.

jonesMUFCforever

A lot of banks may not reconsider re-financing or lending more for at least 9 months.
This may apply to you if you think your credit rating is only fair.

Not long to go!

vwman_3

ejones999 wrote:

A lot of banks may not reconsider re-financing or lending more for at least 9 months.
This may apply to you if you think your credit rating is only fair.

Not long to go!

That's what got me thinking in the first place, still if you dont ask you dont get, anyway thanks for the help all.

regularsaver1

They do have payments to assess. If you hadn't they wouldn;t be able to - unless you take a separate loan - which you can, rather than add 2 together

vwman_3

I called into the local Halifax branch this morning and there was no problems, new loan arranged at a much lower interest rate to the original loan

tommy_a

Did you shop around for a loan (i.e. Northern rock very good rate) or did you just want to stick with the halifax.

vwman_3

tommy_a wrote:

Did you shop around for a loan (i.e. Northern rock very good rate) or did you just want to stick with the halifax.

As I only had the loan since June last year, I thought it better to go back to them as they know me, and as I have said no problems, and the rate they gave me was good (in my opinion anyway) 6.9%.