Going to see my bank tomorrow... advice!

**Amy**

I am going to see my bank tomorrow who i have been with for 8/9 years.

They are who i have my credit card and loan with.

I am hoping they can do something like lower the APR/stop it? Or lower the balance (ha ha wishful thinking i know!)

Do you know if there is anything they can do like that?

xxx

Lucy1982_2

I'm not sure, you can ask. I know Lloyds will set your Overdraft to reduce by a set amount each month.

They may see if you want to consolidate everything into one place, so prepare yourself for this one.

Good Luck and stand firm with them, they cannot make you sign up to anything!

dancingfairy

Hi. I am not sure this is a good idea. I know in theory you should tell your bank if you get into difficulty but they might try and sell your protection (in case you can't pay the loan off)/more money/ refinance the loan over a longer period of time with less interest but stretch it out over many more years so you end up paying loads more for it in the end.
I would probably put up a SOA (statement of affairs) see Southern Stickys post and see if people on here can save you any money to save up to overpay loan etc. We might also be able to advise you on whether you could get much cheaper credit elsewhere - depending on your credit record (ie 0% credit card or some such) but without knowing the full picture it's hard to say.
If you do go the bank - ask what they can offer you but post it here so people can tell you whether it's a good deal or not - you don;t want to fall for the hard sell.
Good Luck - look forward to reading your SOA.

OberonSH

I would take a copy of your budget in with you, and see what they say. They may be able to freeze the interest for a while to help out, but I think they only do this when it's that or no payment. If you're currently meeting your payments they may not be sympathetic - after all, they make a tn of money off you being in debt.

Good luck!!

dancingfairy

Would definately take a copy of your budget in so you can show them how much you can reasonably afford to pay off each month - you look like you mean business then and you're not just trying your luck with them.

**Amy**

Thanks guys.

I have put an SOA on here, and i do have a bit left over each month, the problem is that i want to be debt free in 6 months, as i want to move abroad (to be near my mum) which is where the problem is.

I will go to my bank, but i will not get another loan out, or for any longer than i already have, that would be getting me into more debt.

Thanks again

x

dancingfairy

Good Luck - it sounds like you've got it sussed. You can but ask.

Shineyhappy

Be strong and be aware that they will be trying to sell you their products and its in their interests that you pay as much interest as possible and if that means you stay stressed out and in debt then they dont care, they are a business after all.

Sorry if I sound mean, but I dont have a high opinion of banks when they know how tight money is and keep sending me credit card cheques and telling me i have been pre approved for 8k loans they know I cant afford to pay back... I will stop know before this turns into an anti bank rant

shopsalot

I would avoid consolidation suggestions from your bank. They often take the loan figure with interest and then give you a new loan and charge interest on the interest (compounding). There is little a bank will do - particulary given you income/outgoings. But its worth a try if you know you are strong enough to say no - or at least ask for the info to take away and then ask the poeple on here before making a decision.

One idea would be to open a second account and set up a weekly standing order - then destory cards to your main account and just live of your new (lower!) weekly wage.

I couldnt cut up my card - but i did give it to He Who Never Shops - same thing!