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Re calculating payments on loan

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cyberfuits
cyberfuits Posts: 16 Forumite
Eighth Anniversary 10 Posts Combo Breaker
in Loans

Hi

In the pst I have experienced that when one wants to switch loan providers, the existing loan company can offer a recalculated loan deal and reducing loan repayments by lowering the interest rates. Has anybody got any knowledge if you can get Tescos bank to agree to a new loan with lower interest and lower repayments, or do I have to switch to a new company/bank who offers a better interest?

Thanks


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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    You'll need to apply for a loan elsewhere.

    Bear in mind that you'll be assessed on having twice the debt, so you may be offered a higher rate, or just declined.


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