Need your maths help please gang

lynzpower

Hi

Me & OH are confused here.

OH has a cahoot flexi loan that has a 3k limit. He pays off a standard 60 a month, plus 25 interest a month. The APRs have been jumping up massively from 5.8 last year to 11.9 now, and they seem to have been rising monthly.

Needless to say we have found a 0% deal with b/card but they only gave him 1575 limit. this cash was transferred into his account yesterday, and he has paid this straight off the loan, and is phoning them today to get them to reduce the limit accordingly.

All good.

So now he has 1575 at 0%
and now 1425 at 11.9%

We are now ( well I am moreso) about if he is going to be able to make the payments on both. He has a really small income ( about 900 a month and weve been through his SOA to the death and theres no cutbacks to be made) He is selling stuff on ebay doing pretty well, he intends to throw that at the cahoot loan. and pay the min on the b./card

But can anyone tell us what the payments will be on each of them? My guesstimates but him in trouble as they will be more than he was paying out on the cahoot loan before hand. We know its a good thing with the interest & all, but it might end up looking worse than now.

WHat are your thoughts. We are happy to get creative, but dont know whats best ... .

Cheers
Lynz

Thriftylady

hi Lynz

does he have a set number of months left to pay back the flexi loan, or is that not how it works?

lynzpower

no he doesnt, its basically like a big expensive overdraft. You pay in monthly though, but you can take out whenever. He has been historically taking the payments back out as soon as hes -paid them before due to cash flow probs, but Ive of course said NO to that again

Ebany

If the cahoot loan is like my one then it acts just like a credit card, but its a little harder to spend money on it, which is why I got one. The key thing to establish is what percentage the minimum payment is. For my cahoot flexible loan, it is 2%, so the minimum payment for you would be £28.50. Without knowing what percentage Barclaycard demans I cant say if you will be worse off.

This is assuming your cahoot flexible loan is the same as mine though. If you have a set monthly payment it may not be.

edit - ah looks like it is. Check your Barclaycard T&C's for your minimum percentage on that one.

in*the*red_6

Hi Lynz

The minimum payment on a cahoot flexi loan is 2% so £28.50. Have a look at the bumf online about the Barclaycard but most cards are between 2% and 3% a month so approx £31.50 or at worst £48.75.

HTH

lynzpower

thanks ever so much for this. He says that he is fixed into paying 60 off this month ( and he probalby wont have to pay min to b/card till next in any case) so it does look like its going to be more than what he was paying before.

DAMNIT

jesster_2

def check the credit card min percentage: one of my old ones was 5%!

tesuhoha

Hi Lynz, I'm not much good at Maths but how about your OH phoning Barclaycard and asking them if they would consider increasing the 0% limit on his new card. its worth a shot isnt it?

lynzpower

hes already asked theyve said no