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Wanting to pay off my loan more quickly and cheaply doesn't seem popular...or possible?
Hi,
I have 2 loans. The one with First Direct has a lower interest rate than the one with Admiral so it would make sense to borrow more from the former to pay off the latter. I pursued this on line and it was refused, despite the fact that it would reduce my outgoings. On speaking to a member of First Direct, they informed me that they couldn't allow extra borrowing because I might not use it to clear my other loan. I suggested that they could send the funds directly to my Admiral account to pay it off but apparently they can't do that. They agreed that it was a farcical situation and apologised but that's not much help to me. Are there any other ways of resolving this issue such as banks who could pay my Admiral loan directly?
Many thanks.
Comments
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No, and there is no guarantee you would get a lower interest rate than the one you are wanting to pay off.
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