19.9% APR Loan from Abbey/Santander

Mickey55

Hey All,

I took a loan out in 19 November 2007 for £10,000 over 96 months. They accepted but because it was an unsecured loan and the APR was 19.9% (the interest rate is 18.2866%.) I have read that this is too high and is not acceptable any more, but this is still the APR I am paying.

What I would like to know is what I can or should do firstly to reduce this and second can I get anything back from this high APR?

Any Advice would be greatly appreciated!!:T

DevCoder

Where have you read that it is too high and not acceptable?

DCFC79

Mickey55 wrote: »

Hey All,

I took a loan out in 19 November 2007 for £10,000 over 96 months. They accepted but because it was an unsecured loan and the APR was 19.9% (the interest rate is 18.2866%.) I have read that this is too high and is not acceptable any more, but this is still the APR I am paying.

What I would like to know is what I can or should do firstly to reduce this and second can I get anything bck from this high APR?

Any Advice would be greatly appreciated!!:T

You got a link that says its too high ?

Did a Guy down the pub say it was too high ?

BugsyBrowne

Mickey55 wrote: »

Hey All,

I took a loan out in 19 November 2007 for £10,000 over 96 months. They accepted but because it was an unsecured loan and the APR was 19.9% (the interest rate is 18.2866%.) I have read that this is too high and is not acceptable any more, but this is still the APR I am paying.

What I would like to know is what I can or should do firstly to reduce this and second can I get anything back from this high APR?

Any Advice would be greatly appreciated!!:T

APR's are giving out based on risk and in this case you didn't qualify for their lower rate.

Low risk=low rates
High-risk=high rates

ponbeam

If you feel your credit is good and can get a lower rate, You can either borrow some more and add it to that loan and that may change the amount you pay overall to a lower figure or you can take out a loan elsewhere on a lower APR.
Best thing to do it check with your local branch and see what they can offer !

iolanthe07

You come across people with much higher personal loan rates than 19.9% on this board.

27col

I'm assuming from your user name that you are taking the mickey.
They must have thought at the time that you were not a particularly good risk or they would not have charged you that interest rate.
Anyway, you obviously thought at the time that what you were paying was reasonable.
It seems a very high rate to get locked into for 8 years, but there you go, it was your right to accept or to refuse at the time.
We would love to know where you picked up this piece information about interest rates and why you think it changes your loan agreement in any way.

JuicyJesus

There is no law nor regulatory provision that says a 19.9% personal loan rate is wrong, illegal or forbidden. I have seen rates for unsecured loans that are as high as 34.9%.

Santander can offer you whatever rates they like. You didn't have to take a loan with a high APR if you didn't want to.

CKhalvashi

I had something through the door the other day for 12 month loan offered at 299.95%.

Needless to say, it's gone in the bin!

CK

_Andy_

Don't feed the troll.

eschaton

DCFC79 wrote: »

You got a link that says its too high ?

Did a Guy down the pub say it was too high ?

I think OP is still in the pub - pished as a fart.