switching banks for a lower interest

[filthiestfis]

I am paying 29% interest on my overdraft with Natwest and would like to change to another bank that can offer me a more competitive rate, How do I go about doing this? I work mon-fri 9am-5pm so I do not have time to go to each bank and ask, but is there a website that shows you all the interest rate %?

[filthiestfis]

By the way, I would like to start paying my overdraft back now, so would a loan be the best option?

[Whickerman]

I'll loan you the money at a lower rate than that...!

Christ on a bike - 29%???? Are ya nuts? Credit cards don't charge half that, and they're exorbitant. Mafia money lenders on the Sopranos only charged 20%!!!

[weeal]

wow, my bank gives me a free overdraft (tho its not a huge amount) and Ive never had a credit card.

the site below might help show you current rates/charges etc

http://www.moneysupermarket.com/cards/credit_c ard.asp

[Beads]

I think the Financial Times (ft.com) website has a price comparison. If not money supermarket is always advertising itself about being a price comparison I think so that website may help you?...

[Loosehead]

You can get a loan for less than 7% and repay it. 29%! how did you ever get to that rate? Is that the Nat West Costa Nostra department?

[filthiestfis]

Basically I had an interest free overdraft when I was a student, then after the first year of graduation they started adding interest, now after the 3rd year they have changed my account to current plus and the % has gone through the roof to 29. something%. Its outrageous.
I dont know what to do, its hard for me as I work 9-5 in an office so I cant be visiting the high street banks.

[Loosehead]

you don't have to vist anyone do it all on the net:

http://www.moneysupermarket.com/

Get a cheap loan and clear your overdraft asap, then if I was you I'd boot Naff West into touch, total shower of sh1t1

[filthiestfis]

Loosehead-should I get loan insurance or is this a gimmick for them to make more money? Im unsure as I have never applied for a loan before.

[Loosehead]

No never take out the loan insurance it's hugely expensive and the exclusions are so vast that they hardly ever pay out anyway. If you think you need it you can get cheap term assurance on the reducing balance from most Life Assurance companies. Depends on the size of loan whether it's worth doing, I never bother.

[filthiestfis]

Its not a big loan! Its only �2000 I owe and I would like to now pay it in the next 12 months back!