no idea what so ever!

williamsa_2

Please can anyone help?

When it comes to finance i am pants.

I have a personal loan of which i took out £8000 over 5.5 years from Barclays as a postgraduate loan.

now i have paid insurance off i owe about £ 7000 and i still have 3.5 years to go. I think the loan is at 6.9% with payment protection at £181 a month

Any ideas on how i can pay this off any quicker? i dont really want to be paying it over any longer period than i am now.

ive tried looking at options, but can someone talk to me in simple terms as i get confused easily.....

Cheers

speedy_gonzalez

I think I'd make an appointment at your local Citizens Advice Bureau. £181 per month on payment protection seems steep to me.

enjoyincubus

Something doesn't seem right here.

You took out a loan for £8k, with payment protection, and have been paying back £181 for the last two years. That should be £4344 paid back and yet you still owe £7,000. I would phone them and ask for a definate settlement figure as you may find you owe a lot less. Interest is acrued as the loan goes on, so if you pay the loan off early you should not have to pay the full interest.

Ring em and find out for sure, just ask for a settlement figure!

williamsa_2

i know it does not make sense.....

i did notice though that every few months i am also having to pay around £150 ....would this be the interest?

as i took the loan for 8K had to pay back 10K but as i said i am also having to pay back over £100 quid like evey 3 months or so......

regularsaver1

would you have qualifed for the payment protection then?

AMILLIONDOLLARS

Where did you get your loan? Off the High Street? or from a Sub Prime Lender?