Very Confused, settlement fees....

mazindebt

Hi going to be very cheeky, but need some help working out if its worth paying off my nationwide loan and consolidating.

Here goes
I took out a £12,000 loan in Sep 2006, over 84mths APR 6.40%
Right confusing bit

total repayable £14,831.88
insurance £3762.36
therefore £18,594.24 so £221.36 pw
total interest is £3550.42.

Dont really understand that but the settlement fee is brain frying:
it says multiply these figures below by the number of thousands borrowed.

term expired Amount
21mths £796
42mths £559
63mths £295

:eek:

wat does all that mean how is the settlement worked out and what would it be??

Thinking of consolidating this with credit cards, and car loan, to bring it all together.

Sorry for being so thick

tictax

I wouldn't consolidate. You will be swapping your 6.4% loan for a higher rate one as loans at 6.4% are impossible to find these days.

Do you need insurance? cancel this as it is a waste of money in my opinion and most others here.

How about transferring your credit cards to 0% or a low rate card?

mazindebt

thanks tictax,
we have got 3 credit cards an da car loan, we are hoping to go for a mortgage next year do you think it will look better having just one debt by consolidating or not??

_Andy_

mazindebt wrote: »

thanks tictax,
we have got 3 credit cards an da car loan, we are hoping to go for a mortgage next year do you think it will look better having just one debt by consolidating or not??

The number of debts won't affect it - as long as (from the mortgage providers point of view) the affordability of the mortgage is OK it shouldn't cause any problems.

duff67

Agree with tictax.

Lending at 6.4% good rate now and for forseeable future.

Bear in mind also, with current situ, that most financials will be tightening up lending requirements and may not wish to provide a consol loan of any size.

Stick where you are with the loan, consider your insurance carefully. - If you can afford to make current repayments then stay as you are IF you feel peace of mind to cover loss of job ?(curr climate) or illness is important to YOU. If struggling with curr repayment then consider cancelling.

Move C/Cards to 0%

Future Mtge coy will consider total debt held, not neccessarily the amount of loans help.