Eldgerbridge

molleym

I’ve seen on a lot of forums that we should contest the interest rate used throughout by Elderbridge as it was unjust ? This loan was passed over by first plus, I took the loan out in 2007 £35k @ 6.4% variable over 288 months I still have over 18k to go … which I understand is right but the interest rates have been far from variable and still quite high ?? Any advice would be appreciated. I’ve never defaulted always paid via dd thank you 

FenlandFowl

Variable = they go up and down.

Ryan_Holden

Why did this need a second topic?

You signed a contract on a massive loan which you have been paying into for 16 years. I can't see you have many options. 

You could try and reach a settlement figure with them, say offer £15k, and take out a new loan elsewhere at a lower interest rate. But tbh 6.4% these days is good.

Fighter1986

Refinance the loan with either a fixed rate remortgage or a personal loan?

lordmountararat

288 months is 24 years, so the interest total is going to be massive. Are you sure that the 6.4% is APR and not Flat Rate?

redux

lordmountararat said:

288 months is 24 years, so the interest total is going to be massive. Are you sure that the 6.4% is APR and not Flat Rate?

If the numbers are as given above, it would appear to be APR