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  • FIRST POST
    Burlesque Babe
    Amazed and astounded!
    • #1
    • 11th Nov 05, 4:33 PM
    Amazed and astounded! 11th Nov 05 at 4:33 PM
    I took out a 20,000 secured loan in July through Ocean and have a First National loan with a interest rate of 10.88% over 240 months. This was 204 per month. I was, at the time, just happy to be accepted as I am re-building a previously extremely poor credit rating, but this (other than my mortgage) is my only debt.

    I don't know why, (must be this board rubbing off on me!), but I decided to call them to see if it was possible to up my payments a little and reduce the term - even if I could shave just a couple of few years off would have been an improvement!

    Anyway, when I asked this, the guy said, ok I'll give you some figures, but before I do that I'm going to reduce your interest rate (quick tapping of keyboard) so your new monthly payment will be 160.00 a month!!!!!!!!!!

    I asked why he had done that - his reply - just because I wanted to really - we review accounts and can reduce the rate! I was so shocked and pleased I forgot to ask the new rate....but anyway...

    we went through a few different figures (didn't want to overstretch myself) and the upshot is, that with my new interest rate I can pay 238 per month and I've HALVED the term to 120 months!!!!!!!!!! I've increased my original payment by 34 a month and knocked 10 YEARS off my loan!

    I am very very happy. If this is standard practise, then I want more people to know they can have their accounts reviewed, and if what i've done today helps anyone in any way, I will be as happy for them as I am feeling now - come next pay increase I'm going to reduce the term again!!
    Last edited by Burlesque Babe; 11-11-2005 at 4:35 PM.
    "Stay Wonky"

    Become Mrs Pepe 9 October 2012
Page 1
    • skintchick
    • By skintchick 11th Nov 05, 4:38 PM
    • 14,668 Posts
    • 23,339 Thanks
    skintchick
    • #2
    • 11th Nov 05, 4:38 PM
    • #2
    • 11th Nov 05, 4:38 PM
    Oh that's great news! Brilliant!
    DFW Nerd Club member 023...DFD 9.2.2007
    married 21 6 08 Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 My live baby's birth date 22 7 09 I'm due another baby at the end of July 2014!
    • Avogirly
    • By Avogirly 11th Nov 05, 4:40 PM
    • 749 Posts
    • 2,086 Thanks
    Avogirly
    • #3
    • 11th Nov 05, 4:40 PM
    • #3
    • 11th Nov 05, 4:40 PM
    HOORAY very pleased for you!

    What a great motivator to keep going!
    October make 10/day currently 11.02
  • worried and confused
    • #4
    • 11th Nov 05, 4:47 PM
    • #4
    • 11th Nov 05, 4:47 PM
    Brilliant


    It just goes to show that it is well worth making that call... the worst they can say is no.


    Bit of cheeky advice:
    Call them again in a years time and see what they'll offer you then. Should be able to get a further reduction if you threaten to take your business somewhere else (I guess your credit rating will have substantially improved after a few years of flawless repayment).

    Good on the person at Ocean, TBH not the impression I had of that company!
    • Thefunkygibbons
    • By Thefunkygibbons 11th Nov 05, 4:50 PM
    • 1,362 Posts
    • 758 Thanks
    Thefunkygibbons
    • #5
    • 11th Nov 05, 4:50 PM
    • #5
    • 11th Nov 05, 4:50 PM
    Keep going, as you want to get that rate down closer to standard mortgage rates, as it is secured

    Good call though
    • tattooed_lady
    • By tattooed_lady 11th Nov 05, 5:56 PM
    • 1,555 Posts
    • 1,721 Thanks
    tattooed_lady
    • #6
    • 11th Nov 05, 5:56 PM
    • #6
    • 11th Nov 05, 5:56 PM
    That's excellent!! Bet you'll have a nice weekend now!
    Trying to enjoy life
  • Supersaver
    • #7
    • 11th Nov 05, 7:27 PM
    • #7
    • 11th Nov 05, 7:27 PM
    If you don't ask you don't get. No-on tells you you can do this do they? they're all so eager to give you credit and get you into debt but don't wanna help when it comes to clearing it. Good on you, bet you feel great!
  • *Sparkle*
    • #8
    • 11th Nov 05, 8:36 PM
    • #8
    • 11th Nov 05, 8:36 PM
    wow thats great news i bet you feel on top of the world i know i certainly would!!
    Abbey Loan 6,000
    Tesco loan 3,000
    Tesco points --- 100 worth 400 in deals for holiday!
    "It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)
  • Little Miss Scrimper
    • #9
    • 11th Nov 05, 8:56 PM
    • #9
    • 11th Nov 05, 8:56 PM
    wow that is brilliant. I'll be making a call to my bank on Monday and see what I can get out of them. Well done.
    • ivyleaf
    • By ivyleaf 11th Nov 05, 9:17 PM
    • 5,915 Posts
    • 64,337 Thanks
    ivyleaf


    Way to go Keren!!!!!
  • Burlesque Babe
    I'm going to wait until I get my next pay rise in a few months time then give First National a ring again. Will be interesting to see what interest rate I now have when the paper work arrives. I was very happy!!

    Thankyou for all your kind words, i'm determined to get it down to 96 months at my next payrise!

    Keren
    "Stay Wonky"

    Become Mrs Pepe 9 October 2012
  • EmLoo
    WOW!!! What fantastic news... I'm certainly going to be trying that one...
  • isgman
    Well Done it's always nice to see "Good News"
  • Burlesque Babe
    The paperwork came through yesterday and the rate is now (if I remember correctly) 7.89% . Almost normal!!!!!
    "Stay Wonky"

    Become Mrs Pepe 9 October 2012
    • ceegee
    • By ceegee 17th Nov 05, 9:48 AM
    • 834 Posts
    • 589 Thanks
    ceegee
    Superb!

    Also works with mortgages if you are on a SVR......ring 'em up and ask for a better rate. I did it with the Abbey a few years ago and haven't paid the SVR since!

    You've got to be a bit pushy sometimes.
    • tattooed_lady
    • By tattooed_lady 17th Nov 05, 10:27 AM
    • 1,555 Posts
    • 1,721 Thanks
    tattooed_lady
    Superb!

    Also works with mortgages if you are on a SVR......ring 'em up and ask for a better rate. I did it with the Abbey a few years ago and haven't paid the SVR since!

    You've got to be a bit pushy sometimes.
    by ceegee
    Sorry to be thick What's SVR??
    Trying to enjoy life
    • skintchick
    • By skintchick 17th Nov 05, 12:05 PM
    • 14,668 Posts
    • 23,339 Thanks
    skintchick
    Standard Variable Rate - the one it reverts to when your deal ends, which is always high
    DFW Nerd Club member 023...DFD 9.2.2007
    married 21 6 08 Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 My live baby's birth date 22 7 09 I'm due another baby at the end of July 2014!
    • niamhtra66
    • By niamhtra66 30th Dec 05, 4:00 PM
    • 544 Posts
    • 10,670 Thanks
    niamhtra66
    I took out a 20,000 secured loan in July through Ocean and have a First National loan with a interest rate of 10.88% over 240 months. This was 204 per month. I was, at the time, just happy to be accepted as I am re-building a previously extremely poor credit rating, but this (other than my mortgage) is my only debt.

    I don't know why, (must be this board rubbing off on me!), but I decided to call them to see if it was possible to up my payments a little and reduce the term - even if I could shave just a couple of few years off would have been an improvement!

    Anyway, when I asked this, the guy said, ok I'll give you some figures, but before I do that I'm going to reduce your interest rate (quick tapping of keyboard) so your new monthly payment will be 160.00 a month!!!!!!!!!!

    I asked why he had done that - his reply - just because I wanted to really - we review accounts and can reduce the rate! I was so shocked and pleased I forgot to ask the new rate....but anyway...

    we went through a few different figures (didn't want to overstretch myself) and the upshot is, that with my new interest rate I can pay 238 per month and I've HALVED the term to 120 months!!!!!!!!!! I've increased my original payment by 34 a month and knocked 10 YEARS off my loan!

    I am very very happy. If this is standard practise, then I want more people to know they can have their accounts reviewed, and if what i've done today helps anyone in any way, I will be as happy for them as I am feeling now - come next pay increase I'm going to reduce the term again!!
    by keren29
    Thanks for this, phoned ocean last night to review my account ( have had it for 1 year, only 11 more to go ) they reduced my rate from 10.04% to 7.04%, instead of having a reduction in the monthly payment which worked out a little over 40 i have reduced my loan by 2 years !!! all for a quick phone call, cheers.
    • annie-c
    • By annie-c 30th Dec 05, 8:10 PM
    • 2,517 Posts
    • 3,130 Thanks
    annie-c
    I am very very happy. If this is standard practise, then I want more people to know they can have their accounts reviewed, and if what i've done today helps anyone in any way, I will be as happy for them as I am feeling now - come next pay increase I'm going to reduce the term again!!
    by keren29
    That's fantastic!

    And you've just inspired me to do something similar. I HATE talking to banks, but I just rang up my credit card provider and asked for a lower rate of interest (I also still have some poor credit ratings from a while ago so can't 'tart' with my cards right now). I thought I was stuck with standard rates for a while longer, but they transferred the call to an advisor who is going to ring me back with a better offer. I'm very excited, not just because of the money (which is exciting enough), but because I would never normally behave like this!! This site is helping me to be much more confident and assertive about money!!

    Thanks to Martin too, for such an inspiring website and book!!!
  • deemy2004
    Well done, and good tip to anyone else !
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