Please help me with my debt!

roadsidetree

Hi,

I borrowed a sum of £5,000 from Natwest in March 2004 with 9.9% APR. Like a fool, I also opted for Loan protector insurance which came to £1,291/- :sad: . On top of it, I had to pay bank charges for the loan which was £1,635/-

All together total amount repayable to Natwest was £7,926.60/-

Since then (mar 2004) I was paying Natwest a sum of £132.11 through DD.

But off late since the birth of our first daughter in March 2006, I am finding it difficult to manage finances with single income. Today I somehow managed to pluck courage and popped into local Natwest to enquire about the remaining balance.

I was told that I owe them £4,491.74 and that this will go on till 2009 (60 months loan).

But if I foreclose the loan before July 2006, Natwest will give me a rebate of £793.22/- So in effect I will have to pay only £3,698.52/-

With the rebate in mind, ideally I want to pre-close this loan.

But I do not have enough money in my bank account. Are there any other ways I can close this loan? Can someone let me know please?

Kevicho

The first thing to do is cancel the PPI, that will save you untold amounts of money

Secondly post up on here a full SOA (check out Southern scousers thread at the top of this foru m board for details how) so we can look at ways to make your money go further

Kevicho

Other possibilities include doing some balance transfers to lower ineterest cards (or 0%)

Also check up on the many threads about claiming back bank charges, thats a third of the loan right there

roadsidetree

thanks kevicho

just now i rang up natwest and requested them to cancel my protector insurance. apparently i need to give this in writing to my local branch and on receipt of this, they will cancel it in couple of days time.

i was not aware of claiming bank charges. i will do a search straight away

once again, thanks for these wonderful ideas

Kevicho

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632,

that should get you started