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

Double_Trouble

hypno06 wrote: »

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!

Hypno not find £1000 in 3 months I don't believe that could happen its only just over £10 a day - a piece of cake - sorry I didn't mean tomention cake

DTxx

hypno06

I know - it does seem a bit of a no brainer! The only thing that would be better would be a low LOB card or 0% interest BT, but I would be unlikely to get a big enough limit to do the loan, so would potentially end up with more debt.

I will read it through again.........

beanielou

Great news on the £100
I would go for the Halifax loan.
Worst case you have three months to find the £1000 unless I am missing something

hypno06

Well, despite it being "guaranteed", I have been referred to the underwriters :rolleyes:

am on the phone to them now, but not holding my breath...........talk about building me up only to drop me from a great height......I should be used to all this by now :rolleyes:

Double_Trouble

hypno06 wrote: »

Well, despite it being "guaranteed", I have been referred to the underwriters :rolleyes:

am on the phone to them now, but not holding my breath...........talk about building me up only to drop me from a great height......I should be used to all this by now :rolleyes:

fingers crossed

DTxx

hypno06

It's a long conversation :rotfl:

hypno06

At what point do I tell them about income from scratchcards and free bingo

Double_Trouble

hypno06 wrote: »

At what point do I tell them about income from scratchcards and free bingo

:rotfl::rotfl::rotfl::rotfl:

hypno06

Sorted........I was actually offered £12500

So, I took £10000 which will clear the full amount of the barclayloan which stands at £9800 (ish) plus the early redemption fee.

Then, my savings that I have which are going towards full repayment will continue in the manner in which they are going already, I don't have to panic for the next couple of months while I try to find the balance between the two, I get three months without having to pay anything, so will put that money straight in the pot towards paying it off early, and my monthly repayment is reduced by about £40 which will also go in the pot for early repayment, thereby sticking with the snowball principle properly.

So, basically, I am simply reducing my APR from 24.9% to 9.8%, and reducing my monthly minimum payment by £40 at the same time.

I don't think that's too bad - perhaps I should have stuck with the £7500 and finding the difference, but I can reduce it to that if I want when the paperwork comes through for signing, so I have a bit of time to do some more number crunching..........

My credit rating is obviously acceptable now.......about bloomin time :rotfl:

Double_Trouble

hypno06 wrote: »

Sorted........I was actually offered £12500

So, I took £10000 which will clear the full amount of the barclayloan which stands at £9800 (ish) plus the early redemption fee.

Then, my savings that I have which are going towards full repayment will continue in the manner in which they are going already, I don't have to panic for the next couple of months while I try to find the balance between the two, I get three months without having to pay anything, so will put that money straight in the pot towards paying it off early, and my monthly repayment is reduced by about £40 which will also go in the pot for early repayment, thereby sticking with the snowball principle properly.

So, basically, I am simply reducing my APR from 24.9% to 9.8%, and reducing my monthly minimum payment by £40 at the same time.

I don't think that's too bad - perhaps I should have stuck with the £7500 and finding the difference, but I can reduce it to that if I want when the paperwork comes through for signing, so I have a bit of time to do some more number crunching..........

My credit rating is obviously acceptable now.......about bloomin time :rotfl:

:beer::j:T:j:beer::j:T:j:beer:

:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D

DTxx