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Amalgamating Loans

  • 09-02-2005 2:18pm
    #1
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭


    Im looking to amagamate my loans into one big loan and hopefully save myself
    a fortune in repayments.

    The amalgamating of my loans could save me up to 40% in loan repayments
    each month and I can also pay extra on those months when I have a few quid
    extra to spare or come into extra cash, so all in all it will work out that I could
    save even more in the long run.

    I have a few quid put away in savings, SSIA and such but I dont want to
    clean my savings out to repay the loans and end up having nothing for a
    rainy day.

    I went to go with AIB as Im a customer of theirs at the moment and they
    made some crazy demands, like insisting on payment protection and stopping
    my O/D facility on my account.. all of which Im a bit p*ssed off about..

    Ive had 2 loans out with them before and both have been cleared well in
    advance and one of them 2 years before the final payment was due. So as
    a result Im thinkin of moving my business elsewhere if thats the way they
    treat their current customers.. :mad:

    Ive had a quick look around and the difference in interest rates on loans up
    to 20K is fairly substantial.. AIB & BOI are around 10.9%, which Ulster Bank is
    9.0% and they are also doing a promotion through Tesco at 7.9%...

    Anyone have any recommendations?

    Tox


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