Advice Please

talana

Stupidly_Skint wrote: »

The agreement with my dad was to borrow £18000 over a 3 year period, which is £500 a month.

But the agreement ISN'T with your dad surely?
From what you've said before, the loan isn't from him. He's the middleman merely channeling payments from you to the bank/loan company.
OK the loan is in your dad's name, but it's the bank's loan apr, monthly payments, t&c's etc that are important here.

Sorry to bang on about this, but I think you need to have a word with your dad to clarify the terms of the loan. As your dad is simply the conduit for payments then it shouldn't make any material difference to him as long as you meet the bank's terms.

£18000 over 3 years is £500 a month at 0% apr, which sounds like the loan is coming from your dad.

Stupidly_Skint

This is a loan which my dad took out for me, £18000 includes the interest on top of the loan, I am just unsure what the apr is. I will speak to him about it but did not want to have to ask him to re-loan to reduce the monthly outgoing as this will then surely affect his credit rating.

GeorgeUK

With the loan, it may also be worth checking if there was payment protection insurance and if your dad knew that this was being put on. If not, you may be able to reclaim it and reduce the amount owed.

Do you actually need the car? Your petrol usage is pretty low for a month.
Could you cycle instead?

Do you have anything that you can sell? Old clothes etc on Ebay?

Have you stopped using the cards?
Would you be able to get any 0% offers?

Stupidly_Skint

Hi GeorgeUK,

Thanks for the suggestions, I will ask about the loan insurance as I am not sure whether this was taken out or not.

Yes I do need my car really, I live 3 miles away from train station so use it for this but I also go to college two nights a week which is approximatley 12 miles away. I still however only use about £10 of a petrol a week, as thankfully, my car is quite economical.

I am still using one card. It's a vicious circle as I need to continue to use the card to subsidise my income after paying them off. I have applied for a 0% balance transfer card but was refused.