We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Switching Loans
Hi,
I've currently got a Cahoot loan at 21.9%APR. My min payment is £51,15 per month so I've entered 39 months in the How many months are left? section on the loans calculator.
I was hoping to switch to an Abbey loan at 8.9% to save myself some money but every time I load the info into the 'Is It Worth Switching?' part of the Loans calculator - it tells me to stick with what I've got.
How can this be if I'm switching from 21.9% to 8.9%?
Any help appreciated.
I've currently got a Cahoot loan at 21.9%APR. My min payment is £51,15 per month so I've entered 39 months in the How many months are left? section on the loans calculator.
I was hoping to switch to an Abbey loan at 8.9% to save myself some money but every time I load the info into the 'Is It Worth Switching?' part of the Loans calculator - it tells me to stick with what I've got.
How can this be if I'm switching from 21.9% to 8.9%?
Any help appreciated.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards