I was at a meeting with a local bank discussing a home improvement loan I have with them. I needed to restructure the loan repayments as I was given redundancy last year. Loan balance is 13300. They can lower the repayments from 380 pm to 229 pm. However, the rate is jumping from 8% to 11.9%. Are there any other options open to me as I'm at a loss as to what to do regarding this loan? I'm not in arrears or have missed any payments and I would like to keep it that way. To date my credit rating is intact. Thanks.