Lloyds loan

mothersuperior

Hi guys,

I have just applyed for a loan with lloyds my bank.

They gave me a rate of 19.99% APR
For 1800 pounds

Now i have ben accepted but i am waiting to sign the contract, aka for the contract to come through the post.

Now she kept insisting on PPI so i said yes, at 300 pounds over the life of the loan! So really i don't want this and i plan to ditch it, hopefully i just won't sign the insurance agreement. I plan to look around for something cheaper.

I am 18 and have a monthly income of 440 pounds. two credit cards at 50 pound each a month. Which i will pay off with this!

I have worked it out and i am sensible so i don't need to be told i shouldn't do it!

I just like to know if you think i could get a better rate and can i just not sign the contract for the insurance!

Cheers

CLAPTON

what are the details of the CCs... amount, APRs, minimum monthly payments

what are the details of the loan... ok £1800, at 19.99%apr .. over how long and how much per month.

and no, in general PPI is expensive and the equivalent can be bought cheaper

mothersuperior

CC:


Lloyds platinum
1000 limit Owe 360. 130 of that is at 27.0 % APR For cash, i know but i bought some Euros and didn't think it through! The rest is interest free till November 08.
Minimum payment is 13 pounds

Egg
Owe 440
Minimum payment 5 pounds.
Interest free till Sept 09

Barclaycard
Owe 76 pounds
MP 5 pounds
Not interest free and at 27.9 %

Loan:
1800 over 26 months at 19.99 % APR
98 pound monthly payments
This includes the 14 pound per month payment protection.

Money needed for:
Trip to Rome 400
Course equipment 150
Blackpool 100
Rest to use for the cards to make on payment per month.

I know the cards are interest free so i am being abit stupid.

But i could have this all paid off by next summer, if my mothers compensation coms through on time.

mothersuperior

Ah well, this isn't me spending, i had to bail my mother out a few times.
I have decided, to go ahead with the loan, but only at 1300.
So i'll keep the egg card and pay 25 per month off and 75 a month off the loan. I'm also going to not take out the PPI and find something a lot cheaper.

Cheers
James

jonesMUFCforever

You might not find anything much lower for the amount you want, and the fact that you are only 18 - therefore with a minimal track record of paying back credit.