Hypno's approach to life, the universe and debtbusting.....

hypno06

We had a nice surprise at work today - in recognition of everyone's hard work while we are busy, everyone got given £100 out of the blue, with instructions to "do something nice" with it

The_Dragon

hypno06 wrote: »

We had a nice surprise at work today - in recognition of everyone's hard work while we are busy, everyone got given £100 out of the blue, with instructions to "do something nice" with it

Oooh very nice! Is that another couple of squares coloured in then OR are you going to treat yourself to something?

hypno06

What do you think? A couple of squares coloured in, of course!

I have a dilemma.....I have logged onto the Halifax to see that I have been guaranteed a loan of £7500 with no payments for the first three months, at a rate of 9.8%.

I have saved up enough so that I have to find about £8500 to clear my barclayloan which is at 24.9% Apr.......so I couldn't pay off the whole of the barclayloan for another month or so, using the money I have saved plus the £7500 new loan, but while I am finding the difference, I wouldn't be having to pay the new loan in addition to the old one because there are no payments for the first three months.

The monthly payment would then reduce, and if the worst came to the worst and I couldn't repay early and had to leave it the full 2 year term, then I would save over £1000 in interest compared with leaving the barclayloan for the full term.

Am I missing something - it is so long since I have had offers of money, I am in a little shock :rotfl:

Mudbath

Ooooh that sounds good hypno. If you're anything like me you'll read it all through, read it all backwards, phone up and ask a million questions, apply and even then you'll only believe it when it comes through!!! Hope you get it and yeahhhhh at another two squares being coloured in xx

Different_Corner

Right I am no financial wizard, still sitting here with lightbulb glaring, surely with no payments for three months you are in win win situation with that interest rate ?
What does snowball say ?

Double_Trouble

hypno06 wrote: »

What do you think? A couple of squares coloured in, of course!

I have a dilemma.....I have logged onto the Halifax to see that I have been guaranteed a loan of £7500 with no payments for the first three months, at a rate of 9.8%.

I have saved up enough so that I have to find about £8500 to clear my barclayloan which is at 24.9% Apr.......so I couldn't pay off the whole of the barclayloan for another month or so, using the money I have saved plus the £7500 new loan, but while I am finding the difference, I wouldn't be having to pay the new loan in addition to the old one because there are no payments for the first three months.

The monthly payment would then reduce, and if the worst came to the worst and I couldn't repay early and had to leave it the full 2 year term, then I would save over £1000 in interest compared with leaving the barclayloan for the full term.

Am I missing something - it is so long since I have had offers of money, I am in a little shock :rotfl:

Sounds good to me. I would go for it.

Any penalties for paying the Halifax loan off early?

DTxx

Nice to be given £100 sounds like you have a good boss who appreciates his staff's hard work that's unusual these days:T

Might log into Halifax myself and see if they would like to make me an offer????????????????

claire0788

Is there an early repayment charge or either that would cancel out the positive parts of doing that with the loans ?

gallygirl

You know what they say - money comes to money :rotfl:

hypno06

The penalty for paying off early would be 58 days interest......which I will also have to pay for paying off the barclayloan early - so potentially a double whammy of early repayment charges.....but it should still be a better deal - lower monthly repayments, lower interest payable if for any reason things don't go according to plan....

I suppose the only "danger" is if I don't, or can't find the £1000 difference between the "new" loan, and the old one, which would leave me with two amounts outstanding and could be quite disastrous!

hypno06

lol gallygirl - if only :rotfl: