I am so stupid!!!!!

xmaslolly76

I have just done something really idiotic and i carnt think for the life of me what posessed me. i was offered a loan rate of 6.9% by my bank the loan i had was at 8.9% hubby thought i owed £15000 on loan and he has been making the £230 payment every month i mentioned the new rate and he point blankly said no anyway i went to the bank and redid the loan anyway with out telling him payment are now £236 a month I am paying the extra and alos putting away extra each month to cover the extra 3 payments that will be needed and loan will finish 3 months later than the original total loan amount £15810 they have paid off my credit card and closed the account which i am gratefull for as if it was still there i would spend it again. Now my husband is talking about getting a consolodation loan to clear his and my debts and he will find out what i have done i am so stupid stupid stupid. i dont think he will be bothered about the figures just the fact that i did it behind his back.

Emmzi

Oh Xmas - sure you did it with the best of intentions!

Would he take it any better if you confessed before he finds out?

Good luck!

xmaslolly76

I'm waiting for his next lot of days off he will be in a better mood then he is grumpy at the moment due to work. Hopefully he will see that he is not paying anymore over any longer so there is no real difference i just dont have credit card to run up more debt on anymore. If i keep a positive spin on things i hope i can win him around :-).

nelly_2

how does a cheaper loan cost more money?

xmaslolly76

well we did owe around £14500 we now owe £15800 although its not costing us anymore each month and the loan will end roughly the same time as the old one they paid my credit card off you see thats were the extra £1300 came from i thought a loan rate of 6.9% was better than the 15% i was paying on my credit card only making minimum payments each month

nelly_2

xmaslolly76 wrote:

well we did owe around £14500 we now owe £15800 although its not costing us anymore each month and the loan will end roughly the same time as the old one they paid my credit card off you see thats were the extra £1300 came from i thought a loan rate of 6.9% was better than the 15% i was paying on my credit card only making minimum payments each month

Yor right it is better at 6.9 than 15% nearly 3 times better just tell your OH that.

Tell him 1st dont let him find out off some one else.

By the way consolidation loans cost a lot more in the long run you know.

xmaslolly76

I know but he wont consider any other way of reducing payments as he has only just got his good credit rateing back ( we had a few problems about 5/6 yrs ago you would think we would learn our lesson 1st time around) i have considerd a payment plan or an iva but as we are married and have a joint mortgage i dont think i can do it on my own.

Glitterari

Then what you have done is the right thing - getting a lower APR overall? That's what gets advocated here a lot.

I think just explain that to your OH and point out that you're covering the extra so it's not actually going to affect him (from what I can gather from yours posts)

Sometimes you need to take drastic measures if you can't trust yourself to not spend - I know I did. That's why I have a managed loan - I was never going to pay off my OD and 1st credit card otherwise.

C x

nelly_2

Your best bet to get help here is post an SOA that way we can point you in the best direction.

I remeber Martin saying a bit back ( and its incredibly good advise not just for financials) that if you can show the other half WHY you have done something then you will be in a much better position (smaller barny)

So on that note read this get your head around it then show it to him.