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Virgin Loans
chloe_87_87
Posts: 67 Forumite
in Loans
Hello All
Im new to all this Loan business and was wondering if anyone had some tips for me
All the deets are below.
I have just applied for a £4000 Virgin loan at 9.9% apr with no PPI Total Payment would be £4614.30 (I didnt think this was too bad!), they have accepted and i am waiting for the info to arrive in the post. I have 2 credit cards i want to pay off, one at 29.9% apr (cap 1 classic) and the other at 12.9% apr (Egg...0% BT unitl Jan...i shifted £500 off my C1 card earlier in the year) , which totals up to about £800 (Not much i know but i just want to get rid of them asap), i also owe my parents some money and im in need of a new car (mines been in the garage 7 days now and the mechanics still cant figure out whats wrong with it
), so im thinking of selling the car after its all fixed (If it gets fixed i should say) and getting another (used) one with the money made from the sale and whatever i have left from the loan.
If i got the loan i am hoping that paying extra each month would mean i would end up actually paying less in the long run...does that work?
Anyone got any info on Virgin loans i should know about before signing? Is my plan a bad one?!
Any help would be greatly appreciated
Chloe_87_87
Im new to all this Loan business and was wondering if anyone had some tips for me
All the deets are below.I have just applied for a £4000 Virgin loan at 9.9% apr with no PPI Total Payment would be £4614.30 (I didnt think this was too bad!), they have accepted and i am waiting for the info to arrive in the post. I have 2 credit cards i want to pay off, one at 29.9% apr (cap 1 classic) and the other at 12.9% apr (Egg...0% BT unitl Jan...i shifted £500 off my C1 card earlier in the year) , which totals up to about £800 (Not much i know but i just want to get rid of them asap), i also owe my parents some money and im in need of a new car (mines been in the garage 7 days now and the mechanics still cant figure out whats wrong with it
), so im thinking of selling the car after its all fixed (If it gets fixed i should say) and getting another (used) one with the money made from the sale and whatever i have left from the loan.If i got the loan i am hoping that paying extra each month would mean i would end up actually paying less in the long run...does that work?
Anyone got any info on Virgin loans i should know about before signing? Is my plan a bad one?!
Any help would be greatly appreciated
Chloe_87_87
0
Comments
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Not all loans allow you to pay of extra each month and many have additional fees to pay if you settle the loan early.Cant say for virgin but these are 2 things to check with them if you havent done so alreadyAll posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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Astaroth wrote:Not all loans allow you to pay of extra each month and many have additional fees to pay if you settle the loan early.Cant say for virgin but these are 2 things to check with them if you havent done so already
Hi Astaroth
I asked yesterday, one of there customer service people called me, she said there is no fee for paying it all off early - I will make sure i check if i can pay extra each month, i dont think i'll be doing it every month but it would be helpful to get it paid off quicker!
I forgot to add it is for 36 months with payments of £129 ish.0
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