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Loan Help
Hi Everyone,
Posting this on behalf of my mum who lives in Scotland. My mum had a loan a little while ago, totalling £10,000. At present she is paying £292.60 a mth. She recently got a statement through and to her horror she has found out that out of the £292.60 only £142 is coming off the loan, the remaining £150.60 covers the interest. She now owes £15,306. My mum is due to retire next year and is worrying about keeping up the payments. Also at her age she doesn't want a debt hanging over her. Can anyone give me advice on what she could do.
Thank you
Posting this on behalf of my mum who lives in Scotland. My mum had a loan a little while ago, totalling £10,000. At present she is paying £292.60 a mth. She recently got a statement through and to her horror she has found out that out of the £292.60 only £142 is coming off the loan, the remaining £150.60 covers the interest. She now owes £15,306. My mum is due to retire next year and is worrying about keeping up the payments. Also at her age she doesn't want a debt hanging over her. Can anyone give me advice on what she could do.
Thank you
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Comments
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When was the loan taken out and for how long?0
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The loan was over 7years, she last added to the loan in may 2008.0
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She must have known when she took out the loan that she would be retiring before it finished. What do you mean by 'she last added to the loan...'? Did she have a loan to begin with and has since added to it by drawing more funds?
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The loan was over 7years, she last added to the loan in may 2008.
Added?
Okay, the original loan was 10K. How much was added?
What was the APR on the orginal loan?
In what manner was the next amount added? Was the original amount and interest re-financed? And what was the APR here.
From your first post and guessing the rest, it all seems probable.0 -
that sounds about right for a loan tbh, most have rip off interest. you should defo act to get that rate down tho.. well done for noticing it, most ppl dont0
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