Oh My God!!! 34% interest

angelfire

I'am afraid I can offer no advice as such - just wanted to make a positive post in your thread to sympathise with your situation. Instead of replying in the somewhat 'prickly' manner in which some others have.

i hope you manage to sort things out...

jonesMUFCforever

eloma wrote: »

Thank you all for your response. Wasnt any positive advice here that I was looking for.

JonesMUFCForever

The only reason for looking at Monsterclaim is not so as to shy away from my obligation.. but only because I am not able to find a reasonable alternative which I have been trying to identify since Jan. The banks cant lend to me because of their past imprudence which has brought them to their knees and stop them from lending. They just raised the bar from very low to so high that even I am now in a risky borrower category. Why is it that they are a safe risk to borrow money from me the tax payer and at the same time not safe for me to borrow a very very very small amount of money from them and I am not safe. Why are they holding backon all the money and not lending which will free up the money market and bring down rates.

This is blatantly untrue - banks WILL lend to you if it thinks you can afford to repay.
I'm glad your mortgage has gone down and that you can afford the repayments - sorry if this appears brusque but you borrowed money at 0% for a set period knowing that this had to be repaid - the rate is variable MBNA think you are high risk - which appears to be borne out by the fact that you have been turned down repeatedly for credit in the last few weeks.

anotherpaul_2

eloma wrote: »

I will owe them 20K in 3 years if I pay only the minimum which I dont intend..

No, you will owe them a little but less than 10k in 3 years. The minimum payment is the greater of £25 or the interest +£5. You're minimum payment will go up to £300 ish.

mdean

I am afraid the terrible truth is you need to pay your way out of this - not refinance

so the plan
1) resolve that these b@stards are not going to get more of your cash than you can avoid
2) Set your monthly payment as high as poss - I think that at £1000 a month you can clear in a year
3) Daily interest means pay when you can ......so pay as soon as you get paid - by internet transfer
4) Do everything you can to raise more cash to pay off - sell something on ebay - pay money straight to this debt - get an extra job like wise
5) If you have not yet done it - do matched betting - you can easily make £2k all instructions on this board

GOOD LUCK