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Refinancing Lloyds TSB Loans
Lazy_Line_Painter_Jane
Posts: 43 Forumite
in Loans
Hey guys, can anyone help me on this?
I've been offered this as an option by Lloyds, but I'm not 100% sure what it means. Someone told me it will get your payments reduced each month?
Could somebody help me, please? Thanks.
Lazy Jane x
I've been offered this as an option by Lloyds, but I'm not 100% sure what it means. Someone told me it will get your payments reduced each month?
Could somebody help me, please? Thanks.
Lazy Jane x
People demand freedom of speech as a compensation for the freedom of thought which they seldom use
DFW 451 - proud to be dealing with my debts :beer:
DFW 451 - proud to be dealing with my debts :beer:
0
Comments
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It means that they close your original loan (and add charges for doing this) then recalculate the interest rate, the loan amount and the monthly payments. Usually they offer a lower monthly payment but neglect to mention the increased interest rate and loan term, and the fact that they will charge you a penalty for ending th old loan, even though they are the ones recommending you do so.
They keep sending me letters asking me if I want to re-finance my loan and borrow more, but it looks like a con to me, quite frankly.0
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