have cahoot flexible loan how can i get rate down

loates123

have a cahoot flexible loan when i got it it was 5.9 % it went to 6.5, then 7.7 and now has gone to 8.8...
and for some reason they declined me when i tried to change to the cheaper fixed rate loan from cheaper( all i wanted to do is transfer the balance)...
is there any way i can save money on this loan as i am not happy paying a apr of 8.8

hope u can help

Rafter

How much is still outstanding?

Couple of ideas for you:

Try to apply for a better value unsecured (but not flexible) loan elsewhere or....

Use the flexible features of the cahoot loan and get a virgin card and transfer the funds to your loan to reduce the amount you are paying interest on.

Good luck.

R.

loates123

about £7000 mate its the only thing i owe...i dont want to borrow any more money tho

have a few credit cards but pay them in full each month.....

so what would u say is the best idea the first option or second........

some links would be fab!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

dag_2

so what would u say is the best idea the first option or second........

If it was me, I'd wait until at least four months have passed since the last time I'd made an application for credit. Then I'd apply for the Virgin card.

If the Virgin card application is refused - or if it's accepted, but the credit limit isn't big enough to cover the entire loan - then I'd wait another four months, and then I'd apply for a fixed term loan with a lower interest rate, to cover what's left of the cahoot loan.

I'm assuming that the Virgin card has a lower rate than the cahoot loan - I guess that Rafter wouldn't have suggested it otherwise - but admittedly I haven't checked this.