High interest rate bank loan

chambta

smudge_don wrote: »

Gone are the days of speaking to your bank manager or someone who can actually apply some common sense to a situation. It's all just computer-based now and if the computer says no, that's pretty much it I guess?

I know I've signed up to it and there's not much I can do. I just don't see how they can say no to helping me improve my situation when it's also beneficial for them. Doesn't make any sense to me or the people I've spoken to at RBS

It isn't beneficial to them necessarily. If you are paying 20% now, it would seem highly likely to me that your current loan will cost you much more interest than a bigger one at a quarter of the rate.

If your credit rating is poor then they run little risk of you being able to refinance it elsewhere and losing them income down the line.

27col

Banks are not there to "help" anyone. They are there to make a profit for their shareholders.
Refinancing loans at a lower rate of interest is hardly likely to be on their agenda.

andyfromotley

Hi Don, and welcome.

You could try elsewhere but with what you are saying about your credit history you may find that 20% is the going rate for you.

If so just knuckle down and pay it off as fast as you can. You will find loads of advice and tops on the DFW board to help you reduce your spending.

Its a lesson well learned about banks (and pretty much every other company too) they are there to make money from you, as much as they can!