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Car Finance-I want rid of it!!!!!
amfiroda
Posts: 104 Forumite
Hi All
I need some advice and I know you guys are the experts at cutting interest on debt so all advice gratefuly recieved!!!!
I have car finance whih I still have 18 payments of £161.28 and a final payment of £256.28 (total £3159.32)
I asked for a settlement figure and they quoted £2941.20 (valid til 2nd December)
This is a diference of £218.12 and as you all know every penny counts!!!
What is my best way of clearing this debt without paying the extra interest???
Thanks in advance:money:
I need some advice and I know you guys are the experts at cutting interest on debt so all advice gratefuly recieved!!!!
I have car finance whih I still have 18 payments of £161.28 and a final payment of £256.28 (total £3159.32)
I asked for a settlement figure and they quoted £2941.20 (valid til 2nd December)
This is a diference of £218.12 and as you all know every penny counts!!!
What is my best way of clearing this debt without paying the extra interest???
Thanks in advance:money:
New comp-a-holic!!:j
So far.........................................
£50 Faith voucher:beer:
Cupid necklace:beer:
Months supply of healthy snack packs:beer:
A tray of Wrigleys Extra Fusion:j
Little Dish childrens meal from Tesco cafe!!:T
So far.........................................
£50 Faith voucher:beer:
Cupid necklace:beer:
Months supply of healthy snack packs:beer:
A tray of Wrigleys Extra Fusion:j
Little Dish childrens meal from Tesco cafe!!:T
0
Comments
-
Hello,
My advice would be to speak to Citizens Advice. I'm sure there are lots of people on this site who can help - but they usually have a debt advisor who can give you some impartial advice on what you can do to best sort things out - at no cost to you.
Good luck..Total Debt as at 10th Feb 2008
£35,000.00
Target payoff date August 10th 2015 :T0 -
It seems a fairly high settlement figure.
Who is the loan with and what is the interest rate - apr?
Some finance companies behave differently to others on settlement.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
if you had 2941 and invested it at 5% for 18 months you would earn about £220 before tax0
-
Hi and thanks for the responses so far.
The finance company is RFS which stands for Renault Financial Services (I think!)
The APR is 13.3%
we started paying in May 2004 and it was took over 48 months.
Thanks :money:New comp-a-holic!!:j
So far.........................................
£50 Faith voucher:beer:
Cupid necklace:beer:
Months supply of healthy snack packs:beer:
A tray of Wrigleys Extra Fusion:j
Little Dish childrens meal from Tesco cafe!!:T0 -
does anyone know if i can transfer this debt onto a 0% credit card as a balance transfer???
New comp-a-holic!!:j
So far.........................................
£50 Faith voucher:beer:
Cupid necklace:beer:
Months supply of healthy snack packs:beer:
A tray of Wrigleys Extra Fusion:j
Little Dish childrens meal from Tesco cafe!!:T0 -
most cards wont allow a transfer from a loan.
but if you have a card like EGG MONEY you can do a two stage transfer.
it goes like this
yet new 0% CC and balance transfer 2941 (or what ever ) to the EGG Money card so now the new card has a debit of 2941 and the EGG has a positive balance of 2941, then transfer to the EGG balance to your current account (free) and so pay off the loan.
read martins bit about super balance transfers.
but of course it assumes your credit rating is OK for both cards.0 -
Thanks clapton
That sounds do-able.
Pay off loan with a credit card then transfer the balance.
cheers:beer:New comp-a-holic!!:j
So far.........................................
£50 Faith voucher:beer:
Cupid necklace:beer:
Months supply of healthy snack packs:beer:
A tray of Wrigleys Extra Fusion:j
Little Dish childrens meal from Tesco cafe!!:T0
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