Refinancing natwest loan

Mickey_G23

Around 18 months ago, myself and partner took out a Natwest unsecured personal loan to clear some credit card debt.

However, whilst my debt is still high, the majority is now on 0% and 6.9% cards and the Natwest loan is the highest % APR at 14%.

I think this is very high, given the economy now compared to 18 months ago.

I am wondering the best way to have this loan refinanced or transfered to another lender. Even 9% would bring monthly repayments down a lot.

Thrugelmir

Mickey_G23 wrote: »

I think this is very high, given the economy now compared to 18 months ago.

What bearing does the economy have on your personal circumstances? You don't clear debt by refinancing to another lender. Something which the trail left on your credit history will very clearly show. As behavioural patterns are exactly what the algorithms used by the lenders detect.

Apples2

You've already refinanced once, I'm sure at the time it seemed a great option as it would make your monthly repayments easily affordable.

You can't borrow your way out of debt, headline rates for new loans are unlikely to be available to those with already high levels of borrowing

bigadaj

OP it might be worth overpaying the highest rate debt, though check for early repayment charges, these can be a month or twos interest in which case some people recommend making a large overpayment and then letting the regular payments clear the loan over the next couple of months.

_Andy_

"I am wondering the best way to have this loan refinanced or transfered to another lender"

simple - if you find another loan that's cheaper, apply for it.