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Can I haggle with a loan company?

3 replies

Littlefrenchmummy · 30/08/2015 17:33

I borrowed from a student loan company £22,500 with a 10% interest which means I now owe them £32,000 with £700 a month repayment.

I have now finished my degree and just came into a bit of money so phoned to see if an early repayment was possible. They said yes and if I paid this month I would only owe them £27,000.
I can only afford £25,000.

can I haggle with them?
If so how?

Thanks a lot for your help and advice !

OP posts:
QforCucumber · 30/08/2015 17:36

If you've signed an agreement the no probably not, however - it might be worth seeing if you can get a low rate loan for the difference, paying off the 10% one and having a small low rate one to pay back.
You can pay the 25k and then still pay the original comapny the remainder in your payments but that's a high rate on 2k.

Littlefrenchmummy · 30/08/2015 17:40

I forgot to say I have already paid back approximately £5,000.

Thanks your reply Q. its a good suggestion I will look into it!

OP posts:
Littlefrenchmummy · 31/08/2015 15:02

Has anyone else tried to haggle by any chance?

Thanks !

OP posts:
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