1-year personal loan review

[lettucego]

Hi all, can somebody help me with a question about my personal loan?

I have a 5-year loan that I took out to pay off credit card debt and it is coming up to the 1 year anniversary. I remember that the bank told me after 1 year, it would be reviewed and they would check how many extra payments had been made and maybe readjust the interest rate, payment, etc. But I asked someone else at the bank about this "review" a couple of months later and they didn't really know anything about it. Does anyone know how this works? Do they check anything else besides extra payments? (I have not actually made extra payments as I wanted to be really careful with my savings at the moment.) Thanks a lot for any info!!

[jayne_a]

i've had personal loans, and never once gotten a review. I personally think someone pulled your leg, just to get you to sign a 5 yr loan.

[lettucego]

Thanks a lot for your reply Jayne_A! That's good to know. The 5 yr. loan was my choice, but the bank staff are definitely not all equally informed/educated on the details. When I tried to get information from them I wasn't too successful, and I don't know anyone who's actually had loans before.

[jayne_a]

No problem. If you do have questions about your loan, it's always a good idea to book an app with the person who gave you the loan, this way your no trying to explain everything to 10 different people. My "loan lady" is great, i only talk to her if i have questions or problems. She even comes and visit's me at work just to say hi. (She did that today)

[lettucego]

Thanks again Jayne_A! That's a great suggestion, I should probably try to do that. The man who helped me originally got promoted and moved to a different branch, but I could still go there. He was quite helpful. Your "loan lady" sounds fantastic, I can't imagine anyone from my bank doing that!