how do I decrease my loan amount?

Opticus

I have a secured loan of £25000 with a company called loansdirect. Is there any way I can switch loan providers to decrease the amount I am paying as the interest is quite high?

Thanks
Opticus

jonesMUFCforever

Ask them for a redemption figure.
This will indicate how much charges etc you will have to pay on top of capital borrowed.
If you are struggling with repayment why did you sign up with them in first place?
If you do not keep up with repayments you could lose your home - did that phrase not enter your mind at all?
To answer your question - I would first approch your existing mortgage company to see whether there is any hope of being enough equity in your house to perhaps take this debt on.
Eric

Opticus

You misunderstood. I just want to know if I can reduce the payments. We actually make more money now than we did before, so we aren't struggling. I just want to know if there are any alternatives I can take.

Thanks

YorkshireBoy

[Removed]............You'd need to check the T&C's of your agreement to see if you can get out easily and, as Eric says, get a redemption figure. Then search round for other deals once you know how much you need.

Opticus

Sorry folks but my original post should have read 'loanline' and not loansdirect...
I'm sorry if I've wated anyone's time..
My post still stands though -

Simon