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emergency,loan info needed

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Comments

  • feestee
    feestee Posts: 8 Forumite
    thank you very much clapton!! that is a huge help!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    feestee wrote: »
    thank you very much clapton!! that is a huge help!
    I agree - in your calculation you seemed to have forgotten to add interest.
  • Mark64uk
    Mark64uk Posts: 75 Forumite
    Part of the Furniture Combo Breaker
    Hello,

    I have a Loan with Lloyds and have been looking at taking another loan out to repay the Lloyds one as its currently at 19.9% and i would like to get a lower rate

    I have read on the forums that if you do have the chance to pay it off early you should pay all of it off apart from your last direct debit. That way you dont pay the early settlement fee and pay only the interest on your last payment.

    Mark
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Mark64uk wrote: »
    Hello,

    I have a Loan with Lloyds and have been looking at taking another loan out to repay the Lloyds one as its currently at 19.9% and i would like to get a lower rate

    I have read on the forums that if you do have the chance to pay it off early you should pay all of it off apart from your last direct debit. That way you dont pay the early settlement fee and pay only the interest on your last payment.

    Mark
    How much would you want to borrow and over how long?
  • feestee
    feestee Posts: 8 Forumite
    I wont be able to pay off my loan early so is there anyway to get my 16.6% interest rate down on my loan without having to refinance the loan?
    Also will i be able to cancel the Loan Protection Insurance i have with the loan and then apply for 'stand alone' insurance instead?
  • neas
    neas Posts: 3,801 Forumite
    Its amasing people dont factor in interest... :eek:
  • ILW
    ILW Posts: 18,333 Forumite
    feestee wrote: »
    I wont be able to pay off my loan early so is there anyway to get my 16.6% interest rate down on my loan without having to refinance the loan?
    Also will i be able to cancel the Loan Protection Insurance i have with the loan and then apply for 'stand alone' insurance instead?

    Maybe I am missing something, but if you have insurance and are having trouble paying due to being off work sick. Why not claim on the insurance?
  • feestee
    feestee Posts: 8 Forumite
    Unfortunatly i have a re accured problem,i had the same illness 4years ago and claimed it then,after having to re-finance the loan in '07,there was a clause saying that i wont be covered if the same happens again.
    Although i was told by docs back then that it shouldnt happen again,low and behold 3 years down the line,im off again!
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