loan how to get a better rate?

hellsbells120780

12549.31 = present settlement figure

hellsbells120780

so, in summary, basically unlikely to be successful then and there's nothing I can do?

CLAPTON

oh dear £49.31p out

Tixy

Easiest way to get a settlement figure is to call up and ask.
You can have a good stab at working it out in a spreadsheet (or someone on here will for you, did you have any payment holiday at the start of the loan?).

You might well struggle to get a better APR than you are on now, even if you are offered a loan, principally because of as said above, you'd be considered high risk because of the high level of debt (the 2 loans) compared to income.
They won't trust that you'll pay off the first loan, they'll look at worse case scenario that you blow it all and end up with 2 loans to repay.

Another way to bring down the total you pay is if you can afford overpayments each month (or some months), could you?

Edit - sorry, slow posting!

hellsbells120780

It's a shame you can't say "look, you give them the money, I'm the middle man....I'll just pay less each month"

tell_it_how_it_is

From your sums, you are paying £6,149.40 per year, so your best bet as Tixy suggests might be to overpay without going over the £8k per annum threshold above which you say they start to penalise you. So by my reckoning it means you can chuck a maximum of an extra £1800 - or £150 per month - at it.