Low interest rate loans

Elixir

Hi, I have an overdraft debt with a closed account with Natwest of around £600. They have told me that if I give them £400 they will forget the other £200 aprox and write off the debt.
At the moment Im paying £15 a month, and around £13 of that is interest. So is it a good idea to loan £400 of someone/something else with a lower interest rate to pay Natwest off?

If so, who?

My Capital credit card limit only goes up to £200, and my only other bank accounts of a building society flex account and my business acount, so I dony want to touch those.

Thanks

Elixir

Someone? Anyone? LOL

If there is something wrong with this post, or something obvious Im missed can someone let me know?

Thanks

CLAPTON

You dont give much information, but one assumes thats if you have come to an arrangement with Natwest its because you have defaulted in some way.
One would also assume that you have a very low income or other high debts.
If that is reflected on your credit record then its very unlikely that anyone will give you a low interest rate loan.


so what do your credit records say
what is your income
what are your other debts
do you have any savings

and
why don't you want to touch your other a/cs

Elixir

CLAPTON wrote: »

You dont give much information, but one assumes thats if you have come to an arrangement with Natwest its because you have defaulted in some way.

Yep, thats it.


One would also assume that you have a very low income or other high debts.
If that is reflected on your credit record then its very unlikely that anyone will give you a low interest rate loan.

Really? Ok, I guess that answers my question.


so what do your credit records say

Dont know, havnt looked since last year.

what is your income

Low, just as you guessed.

what are your other debts

Another loan, CC (but usualy pay that off in full everytime) and two catalogue debts.

do you have any savings

Nope.

and
why don't you want to touch your other a/cs

Because I dont have £400 in them.