Shifting a 24K debt in a year?????

Kepp

A few things that made me laugh yesterday when I took out the loan:

Lloyds man: Why don't you also consolidate your other loan into the new one?
Me: Why would I want to consolidate a 12.9% loan into a 14.9% one?
LM: Umm...

LM: I need to talk to you about PPI
Me: I don't need it
LM: Oh no, we don't sell it ourselves anymore, it's now done through a separate company.
Me: Is that since you mis-sold it and everyone's claimed it back?
LM: Umm....

Me: When I reduce my overdrafts I'd like to keep them at £100 just in case. I don't want to get charged for anything.
LM: That's fine, fees are expensive
Me: Yours aren't just expensive, they're extortionate
LM: Well if you pay back in by 3 on the day you go over you won't be charged
Me: That really helped me when I was stuck in Zimbabwe, with no internet, and you guys slapped me with £300 of charges for going just a few quid over
LM: Umm...

Me: When I've paid off my overdrafts, can I reduce them online?
LM: No things like that have to be done in Branch
Me: I extended it online though
LM: Anything we think we can talk you out of you have to come into the Branch for (he laughed then, think he'd clocked that there was no point lying!)

He also told me a trick for paying back loans to reduce the interest charges on your last payment, I already knew this one as I did it with another loan, but nice of him anyway!

Made me laugh anyway :rotfl::rotfl::rotfl:

Kepp

Woowoo wrote: »

Thats great news with the loan Beccie and I know you wont be tempted to run those cards up again as we have all learned our lesson, haven't we!!!!

Does that mean you can make overpayments as often as you want?

You will need to change your signature now!

All but the Goldfish have already been paid. Going to my Mum's tomorrow night to pay that one (can't do it on work internet) and then will be making the calls to close them all down.

There's no way I'd run them up again - I'd miss out on the calls to close them that I'm so looking forward to! :rotfl:

It was a frightening thought that although only for one night I was 36K in debt! :eek:

Going to work out some new goals now based on these changes and get my signature updated!

Kepp

And yes, overpayments whenever of any amount which is great

Woowoo

Am loving your conversation with the man in Lloyds!

I bet you are going to take great pleasure in closing those accounts down!

Barclays tried to grill me with an exit interview when I closed my account, I ended up getting a bit annoyed and told them to just close the account!

Can't wait to check out the new sig. I am really pleased for you, now you can go off to Borneo without stressing about any of it x

Ceniza

beccie wrote: »

He also told me a trick for paying back loans to reduce the interest charges on your last payment, I already knew this one as I did it with another loan, but nice of him anyway!

Made me laugh anyway :rotfl::rotfl::rotfl:

Do you mind sharing?

Kepp

Ooo, I'd love to share but if I told you the banks would have to kill you! :rotfl:

It's quite straightforward really - when a loan is finally closed, if it's closed early, you are charged 58 days interest on the final balance.

So when I paid a loan off before using a balance transfer, I paid all but £1. Then when I paid off the final bit the 58 days interest was charged on just the £1 instead of the several thousands pounds it was before.

I do remember feeling all clever at the time when I had worked that out!

jtr2803

Well done Becsicle! I think that consolidation is definately a good thing in cases like this as it just makes everything so simple!

I hadn't heard that loan trick before but sounds like a great tip. How many days till Borneo? I bet you are counting

Kepp

I'm not yet! Someone asked me at work today if I was - I will next month when I pay for it. For some reason that's when it becomes real to me!

Changed my sig - last time ever I will have to up the original debt figure - and you can all hold me to that!!!

Glad that my total debt as of now also hasn't gone over the original figure of £24,917 (I know it's only just under ) as that would have been depressing!

My next goal is also to try and save to have paid off my Santander OD by the time that the 0% runs out. This means I will have to save £150 a month, or £5 a day. This is a real challenge on top of the other payments I am already trying to make so I think I will have just the one goal for now. If I achieve this though I will knock my DFD down to May 2013, which is 2 months off and helps me on my way to that elusive DFD of Dec 2012!

Ceniza

beccie wrote: »

Ooo, I'd love to share but if I told you the banks would have to kill you! :rotfl:

It's quite straightforward really - when a loan is finally closed, if it's closed early, you are charged 58 days interest on the final balance.

So when I paid a loan off before using a balance transfer, I paid all but £1. Then when I paid off the final bit the 58 days interest was charged on just the £1 instead of the several thousands pounds it was before.

I do remember feeling all clever at the time when I had worked that out!

Interesting... I'm sure there's a way they get around doing this? Seems too simple to be true LOL

Kepp

I had a follow up call from the manager with regards my loan, still trying to sell me PPI :mad:

I told him I don't need it and he asked what would happen if I was sick? I said that my work pay full pay for a year and then half pay for six months and he said that's only 18 months what would you do after that? I said well if I saved the £150 a month you would charge me for just those 18 months I would still have enough money just from that to pay another 6 months, then I would worry about it after that, he had nothing to say to that! :rotfl:

I also double checked that trick. Apparently the rules have changed slightly in that now your final payment can't be lower than your monthly payment but that's still a lot less interest than if you were gonna clear a bulk lot.

In the meantime, if your loan is the same as mine just throw everything you've got at it, as with the interest calculated daily you will be saving. He said overpaying by your payment again in one month ie if its £100 pay £200 you would effectively knock off a month and a half as opposed to one month because of the saving in interest.

Only bummer is that I just found out that overpayments have to be done in Branch not online for loans. Hope they're looking forward to seeing me every single day on my lunch break when I turn up to pay them my £1 overpayment! :rotfl::rotfl: