Chances of Northern Rock Flexi going the same way as Cahoot???

CHR15

Hi,
I am looking to take out a loan for a new car (around £7K)

I have cash as savings (£10K) but due to an impending divorce battle I will need access to cash so I really don't want to touch my cash savings.

My credit Rating is 968/1000 so there shouldn't be issues with an application. I did a few searches on my own credit file during a recent financial battle against a Solicitor (which I won:j :j )!! other than that I can't see why I am not 1000/1000, all CC balances £0 and never missed any payments, no loans.


The best rate seems to be Northern Rock Flexible Loan at 6.2% but reading the horror stories about Cahoots awful practice of offering a good rate only to triple or quadruple the rate after only a couple of Months I am scared to go down a Flexi approach.


Is there any way of trying to predict if Northern Rock will try this shockingly evil tactic on their Flexible Loans??

I anticipate paying the loan off early but I cant be sure when this will be. I would also like to pay off more then the agreed monthly repayment each Month so I need a certain amount of flexibility with no early repayment penalties.

Sounds a tall order to me! I will be gutted if I take a 6.2% loan with Northern Rock, then have to empty my savings to avoid paying 19.2% after two Months!

Thanks for any replies:):beer:

mrnomoneybags

Moneyback bank is offering is slighly cheaper at 6.1%

I personally would rather pay A&L 6.3 than go with Northern Rock .....

I just got out of a 2 year mortgage with them........... NEVER EVER EVER will i use them for ANYTHING .......this is IMO ...... but just a little sample .... i asked for a redeption statment to be faxed too me....i got mine and two other peoples........ Nice.

DesG

CHR15 wrote: »

The best rate seems to be Northern Rock Flexible Loan at 6.2% but reading the horror stories about Cahoots awful practice of offering a good rate only to triple or quadruple the rate after only a couple of Months I am scared to go down a Flexi approach.


Is there any way of trying to predict if Northern Rock will try this shockingly evil tactic on their Flexible Loans??

I anticipate paying the loan off early but I cant be sure when this will be. I would also like to pay off more then the agreed monthly repayment each Month so I need a certain amount of flexibility with no early repayment penalties.

Sounds a tall order to me! I will be gutted if I take a 6.2% loan with Northern Rock, then have to empty my savings to avoid paying 19.2% after two Months!

I had a look on the Northern Rock website, and I couldn't find a flexible loan with a variable rate?

Their normal loan at 6.2% is fixed, and allows early repayment, is that the product you are considering?

Cheers, Des.

CHR15

Yes DesG thats the one, perhaps I read it incorrectly. but yes, pay off early and make larger monthly repayments with no penalty.

If it IS fixed, then I suppose it should be a good deal. Will look also at Moneyback bank TomLewis mentioned.

I have no affection for any money organisation. They are all blood sucking leeches as far as Iam concerned.

Thanks for replies.

DesG

Well according to their website it is fixed.

Blood sucking leeches matches my opinion of financial institutions too

I just happen to be looking at the Northern Rock one at the moment too, and I had it in my head that it was a fixed rate.

I also was of the opinion that making increased monthly payments wasn't going to work with Northern Rock, and I was going to put any overpayments into a high rate savings account until I could pay off the whole loan early. I can't remember why I was going to do that, anyone?

Cheers, Des.

Phantom_Flan_Flinger

Lifted from their loan T&C's for your piece of mind.

The interest rate is fixed for the life of the loan so you can be sure your repayments remain affordable even if rates change and you can choose to spread your repayments over one to ten years.

lynzpower

the co-operatiove bank also do a loan that theres no issue on repayijng early - have a look at that. also the post office do as well.

I can recommend the co-op theyve always been excellent with me.

katiekittykat

Do you need a strong credit rating for the co -op?