Advice please - unsecured loan 12% interest

Lindylou54

Just wondering if there was anything we could do about a loan we have at 12% interest. If I explain:-

About 18 months ago my husband had to fold his business, and was left with about £33,000 overdraft, this was converted into an unsecured loan with Barclays, over seven years. We are paying £600 a month, but intend to move later in the year to downsize and pay it off from the equity in our house.

Is there a better way of clearing this, i.e., would it be possible to move it elsewhere, our credit rating is very good and we have a large income (approx £4500 p.m. after tax). We have asked our previous bank manager be he said they will not renogotiate the rate. Would it possible to go higher and ask them to renegotiate, or would it be possible to move it elsewhere?

Any advice welcome!!

nomoneytoday

Propertydealeruk wrote: »

Hi Lindylou,

If you have enough equity in your house, why not go for a remortgage and pay off the debt, which will have you paying back a lot less monthly repayments.

Because consolidation loans are usually the work of the devil.
Snowballing to pay off loans is good, paying excessive interest over longer and longer periods is bad.

MORPH3US

Propertydealeruk wrote: »

Hi Lindylou,

If you have enough equity in your house, why not go for a remortgage and pay off the debt, which will have you paying back a lot less monthly repayments.

If you are going for a remortgage, go for one will no redemption fee, so you are not tied in when you wish to sell in a year or so.

Regards,

Alan
https://www.rightloans.co.uk

Alan, is rightloans your website? Either way, I don't think you are allowed to advertise such websites on the forum.

Have reported to mods and will let them decide!

M

bikerqueen

he should be reported for the hideous design on that website but before you posted that i've reported it too, second time i've seen him recommend this company, seems a bit suss.