newbie on here starting to tackle massive debt

pittel

*edit* Are you close enough to the NI border that you could do a monthly run up there to buy up your dry goods (Pasta, rice, tins etc) at a lower price and still make a saving once you've paid for the petrol / diesel?[/QUOTE]


Unfortunately I am over 2 hours drive from the border...

Thanks for your excellent post..

GeorgeUK

Old Style Moneysaving: http://forums.moneysavingexpert.com/forumdisplay.html?f=33

pittel

I have looked at my 10k loan

credit advanced 10000

payment protection insurance premium advanced 1743

period of agreement 84 months

instalments 84

amount 266 each instalment

total repayable 22347

cost 10604

rate of interest 12.9%

apr 22.8%

This is a complete rip off

I wish to cancel the PPI..

ASU premium 1743
interest payable on premium 1574
total 3317
ppi monthly premium 39.49 (portion of the 266)

my question ..can anyone work out if the PPI stuff is included in the 22.8% apr quoted...

if not can I claim it was missold to me and look for the full premiums back.

EssexHebridean

Your best bet is to check out Martin's articles on PPI reclaiming on the main site - he goes through all the possible reasons for it to nbe covered by mis-selling. My Norther Rock was reclaimable as they told me when I took the loan that the loan offer was dependant on the PPI being taken from them. They made no effort to let me know that I was entitled to get insurance from elsewhere - and at the time I certainly didn't know that this was the case. Good luck!

pittel

cancelled the PPI on Household Bank Loan...reduced my credit cards from 3 to 2 by balance transfer....

todays debt

mortgage kbc 132000
mortgage ebs 174000

cc1 12000
cc2 11,600
ptsb loan 19000
cu loan 17000
aib loan 3200
household bank 10000


have cut grocery bill to 300 from 450/week but will better this..

have let second house so my accounts actually balance now..

summary on June 9th 2009

credit cards 23,600
loans 49,200
home mortgage 132,000
investment 174,000

I will tackle the credit cards first..

GeorgeUK

Might be worth tackling card3 first. Once you clear it, try to see if they will offer 0% for about 6 months or a low interest for life of balance transfer. If you can reduce the interest you are paying, that should help a bit.

Just noticed you have cleared a card - wait until you get a nil balance statement then phone them up to see if they have any balance transfer options currently on. If not, try again next month.

kissjenn

That's a good result. Have they agreed to refund any PPI paid to date?

pittel

My wife rang and they said they would cancel the PPI in 21 days if we wrote in .. they said they would look at the refund when they received the letter..

kissjenn

I would suggest that the letter explicits states that you want the PPI cancelled and all monies refunded as it was wasn't an appropriate product given your situation, no proper fact find was done and it's not a mandatory condition of the loan.

Sorry - having a high horse day with companies that don't listen unless you spell out every obvious detail to them. Not sure how some of them make it to work dressed in the morining unless their mum still helps. :rolleyes:

pittel

I am thinking of applying for aib click card apr 8.6%

is it possible to transfer a loan to a credit card..my household bank loan has APR 22% with approx 10k settlement figure on it...