Help! Want a cheap loan shift!

ddraigmor_2

Some years ago I took out a loan to pay off some loans. The deal was with Mint. For the past few months I have been noticing that I am payng off interest on the other loans via the Mint Loan which basically means of my £89 a month repayment, I only actually pay off a very small amount....the rest is on 'spending' ie. interest. Of that £89, it breaks down like this: 'Purchases' (and I do not use it to buy anything! It's their term for interest on the loans) £37.52. Cash: £13.32. Transfer and Save £25.95. Add that up from £89 and I am actually paying the total off at £12.21 a month. Not a happy chappy! I'd just let it run and run until I took a look at my finances the other week and thought this is pretty shabby!

The total cost of the loan is currentlt £3971.95 and I'd be happy to pay it off at the £89.00 a month providing the bloody thing actually pays off quicker rather than as it does.

I would like a new loan to start at the same time as this - between the 1st and 3rd of the month - that way I know when I get paid it is out first thing and so no worries.

I am a tenant, in full time employment, with a yearly income of £32,500 before tax. I have a car loan (brilliant interest and with a trusted finance house) a Cahoot loan (easy to pay off, so am happy with that) but this Mint thing...whoa!

Any advice gratefully received!

Jonty

Rafter

Jonty,

A bit confused by your post, but it seems you have fallen into the credit card trap!

The £25.95 is the interest on the 'loan' deal you took out. At some point you must have also made some purchases on your mint card and withdrawn some cash at an ATM.

Credit card companies are very clever at ensuring that the highest rate interest bit of your borrowing gets paid off last.

You either need to start paying more than £89 or find a source of borrowing which is cheaper than the 25.8% APR you seem to be paying on this 'clever mint' product!

Be careful with cahoot flexible loans too - they are notorious for whacking up the interest rate.

Good luck

R.

ddraigmor_2

Thanks R.

I'll look at what loans are around and see what takes my fancy but yes, I fell victim.....! More fool me!

Jonty