Can we get them to lower the IR??

myright

Iv got a friend who is paying 25% on a 5 year loan on basic barclays card ( not entirely sure on this)

But he's been paying it for over a year now. The payment is too high. Is there a possibility of getting the I.R resduced? if so what is the best strategy?

R_P_W

Is it a loan or a credit card? Was it too high when he agreed to it?

gb12345

If it is a loan then the interest rate is the same one that he agreed to when he took the loan out, so why should Barclays reduce it? He was obviously happy to get the money - perhaps he should have considered the repayments when he agreed to the loan terms.

His only option is to refinance at a lower APR, but as he was given a high rate by Barclays I don't fancy his chances much.

myright

i think its a credit card

gb12345

myright wrote: »

i think its a credit card

It would be a good idea to find out as it will affect the advice given.

chattychappy

gb12345 wrote: »

It would be a good idea to find out as it will affect the advice given.

Yep, and "5 year loan" isn't really consistent with it being a credit card.

grumbler

For a loan the answer is NO.
For a CC the answer is NO again, although the friend can try asking them nicely.

Depending on the credit history and the amount it is possibly worth considering to transfer the debt or a part of it:

• Balance Transfer Credit Cards
• Cheap Loans
• http://www.stoozing.com/cards/life-of-balance.php