Cheap Loans

bobcat80

Hello me again, I have a loan with the RBS, and it stands at 18k approx, with an early settlement fig of 11k approx, incl a loan cover. I have tried applying for another loan of 11k to cover the settlement but without the loan cover at a cheaper interest rate, but I have had 2 knock backs. I don,t want to keep on applying because it kills your credit rating.
Does anyone have any ideas or help
cheers bob

jonesMUFCforever

See if they will refund the insurance direct to the loan and reduce your monthly repayment. They might not be able to without closing off the old loan but you never know without asking.

bobcat80

thanks i,ll try 2day and let you know what happens

peterg1965

bobcat, get hold of your credit files to make sure there is nothing there that shouldn't be. Then maybe wait a couple of months and reapply. Alternately go and talk to RBS and see if they will refinance the loan.

bobcat80

glad to say they have removed the insurance cover saving me £58 / mth. but they advised me to replace it with a cheaper one. i asked what happens to the loan if i die, they said they said they would recover the loan from any estate i have or my wife would have to pay it back. but the loan is in my name only, and we live in a council house. can they do either.
bob

jonesMUFCforever

See the advice in another thread.
Your estate would be liable for the outstanding amount on the loan and if there were insufficent funds to meet your debts on death the bank would have to write off the loan.