liamb2001:

hiya, this is the thing my partners credit rating isnt actually that bad. The £42.99 is after cancelling PPI, it was £56 a month or something before that.

we cancelled insurance bcos we were told we didnt need it and to lower our payments.

Might be possible - I suspect that Halifax would sting you for a couple of months extra interest as early repayment charges which would mean you would be back up to nearly £1600 !!

You would need to look around at other Banks/B.Socs for lower APRs - one problem you might have is that £1600 is less than most Banks want to loan - overall you might save a bit , but thats up to you.

yeah definitley we thought going through her bank would be cheaper as well, so much for that

do you think it would be worth seeing if we could get a loan with a lower rate else somewhere to cover this loan ?

thanks for your time

I've just put £1600 in the Halifax loan calculator for 60 months on the website calculator and it comes up with APR of 22.9% & repayments of £44.65 WITHOUT credit checks -ie very,very expensive loan - and the PPI @ ~ £13 pm was OUTRAGEOUS!!

At that APR you pay off very little in the first year as you have found!

You will know now to shop around if you want credit in future!

hiya, this is the thing my partners credit rating isnt actually that bad. The £42.99 is after cancelling PPI, it was £56 a month or something before that.

we cancelled insurance bcos we were told we didnt need it and to lower our payments.

Did the £42.99 include PPI or did you pay PPI up front?

If it didn't include PPI then I reckon the APR on the loan is ~ 20% , pretty high but not unlikely if you have blots on your credit history - on such an agreement you would only pay ~ £100 -£200 in the first year. If you paid PPI up front , why did you cancel? If you didn't then surely the monthly repayments should have now gone down?

Your other point about not borrowing from the institution you bank with, is valid, however if you have a poor credit history ....beggars can't be choosers!

Hi thanks for getting back so quick, well its an unsecured personal loan over 62 months we have just read, which is 5 years isnt it, will that be why its not going down because its over such a long time ?

What type of loan is this? Over what period ?

With some loans, you pay a lot of interest at the start of the loan period, before you start repaying the actual loan amount.

The Halifax should be able to answer your query, if you do not understand the loan paperwork that was provided.

Last January my partner got a loan from Halifax who she also banks with, the loan was for £1600 pounds and was to part exchange our family car to a better one. Paying £42.99 a month since then which is 12 months (we make at £515) we decided to enable and access the online account info to see how much we had left to pay, expecting the loan to be down to around £1100-1200 quid we were a little shocked when we found our loan was still on £1492 quid, a mere £108 less than the original loan was.

We have already cancelled the PPI on it and my partner seems to think the loan hasnt moved because of annual charges. Surely this cant be right, is this normal, is it because we have a bad credit rating, is there anything we can do to resolve it and is it true what we have been told that the worst place to get a loan from is the people you bank with ?

Any advice would be greatly appreciated

thx