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The Interest on a NR Loan?
Miss_Poohs
Posts: 630 Forumite
Wonder if any of you good peeps would be able to advise me here.
My husband has been dealing with his debts for just over 18 mnths now - by way of a DAS (Scotland).
He pays £530 a month and will be doing so for the next 11 yrs!! :eek:
However..........
One of his creditors (there were 6 altogether) is the great Northern Rock.
He borrowed £25,000 from them (unsecured). By the time I found out about this little deal he'd missed several payments and they were demanding their cash up front £48000!!
I'm told they front loaded the interest and thats why the figure was so high - and its this figure the DAS was worked out on.
What we're trying to find out is - in the next year we may well be able to come to offer a full and final settlement on the DAS, but what is the figure we use to estimate a F&F on the NR portion.
Assuming he'd have paid back £48000 if he'd taken 10yrs to repay the £25000, if its going to be paid back sooner, how do we find out whats owed to date?
My husband has been dealing with his debts for just over 18 mnths now - by way of a DAS (Scotland).
He pays £530 a month and will be doing so for the next 11 yrs!! :eek:
However..........
One of his creditors (there were 6 altogether) is the great Northern Rock.
He borrowed £25,000 from them (unsecured). By the time I found out about this little deal he'd missed several payments and they were demanding their cash up front £48000!!
I'm told they front loaded the interest and thats why the figure was so high - and its this figure the DAS was worked out on.
What we're trying to find out is - in the next year we may well be able to come to offer a full and final settlement on the DAS, but what is the figure we use to estimate a F&F on the NR portion.
Assuming he'd have paid back £48000 if he'd taken 10yrs to repay the £25000, if its going to be paid back sooner, how do we find out whats owed to date?
Don't try to keep up with the Joneses - Drag them down to your level - it's cheaper . 
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Comments
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You may be able to get an estimate figure if you give them a call.0
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I'll phone the debt advisor and see what he says, as I'm not sure exactly how the £530 is broken down between the creditors - obviously pro rata , but I'm not sure of the monetary amounts.
Thanks
Miss PDon't try to keep up with the Joneses - Drag them down to your level - it's cheaper .0
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