Hey all,

Just a quicky here.

I took a loan out stupidly about 20 months ago, and have around 16 months left to pay it.

I can't find the paper work at the moment, but will dig it out at one point.

Are loans in general a fixed rate, or can they be variable?

I only ask because i took it out at a stupidly high rate around 12%, and i'm thinking if i either got a top up or a new loan, i could pay the current sum off and save the interest.

Thoughts...?

I'm not sure what the current rates the banks are offering, they might be good at the moment if they are running in line with base rates.

I've been looking at lending money on ZOPA, so go and check it out over there, the average loan is 9% according to their stats.

Generally I'm under the impression that loans are fixed rate, unless clearly stated otherwise.

12% isn't a stupidly high rate at the moment, it really depends how much you're borrowing. Brian's right, normally loans are fixed rate unless specifically stated.

Hello here is a question and it relates to the Government baling out banks and financial institutions with (my) taxpayers money.

The RBS claims that I owe them £9500 GBP due to my husband declaring bankruptcy back in 2006 due to ill health. As a joint holder of the account the bank now asks me to repay them, which i start to do, then along comes the Government and because the bank has declared my debt as a loss, gives money to the bank to cover the (money) loss that they have incurred as a result of my inability to repay my debt due to my husbands bankruptcy.

The net result appears to be that the bank has recovered the debt that I owed by way of the Goverment giving them the money.

Do I still owe the money now, after all the bank has now recovered the money.

So I feel that I should stop repaying the (loan) debt to the bank as they have already been paid the money for that debt by a benevolent benefactor, which surely must release me from repayment as they have now not made a loss at all.

According to british Law (English Law) recovery of a loss only occurs if a loss has been made, in this scenario no loss has been incurred by the bank for my supposedly outstanding debt.

Lets discuss this, I have also posted this under banking.

hey,
i really would love to help, but since your problem is realted to debts i cant just suggest one thing that you sell stuff to payback.

They are usually fixed rate.

Usually fixed for the Term..