Immoral_angel's Debt Diary

immoral_angeluk

Hang on.. just looking through my terms and conditions it says 'You have the option to buy the goods at the end of the term as long as all payments are made...' does this mean we have to pay extra at the end for it to actually be ours???

tigzem

Fingers crossed Barclaycard gets paid off next month, how fab would that be?

I cannot wait until I get money coming in so I can start paying off my debts.

JET34

immoral_angeluk wrote: »

Hang on.. just looking through my terms and conditions it says 'You have the option to buy the goods at the end of the term as long as all payments are made...' does this mean we have to pay extra at the end for it to actually be ours???

eeeeek hope not!!!! That doesn't sound good

Bunnyinthelights

IA,
Who is the Car Loan with?
Call them up and get the info...

Would it be cheaper to get a loan out with someone else to pay it off? Would you be able to a CC with 0%?

Bunny x

JonathanA

First of all - well done - I don't know how you've managed to pay off so much so quickly - you deserve a medal at the very least. The car loan may be a straight loan, or it may be the type where you put down a deposit, make payments for so many months at £x and then have a final payment to make before the car is yours. Most people taking that kind of loan out part exchange the car for a new one and then start all over again.

You need to identify whether it is a straight loan eg 48 payments @ £x and at the end of it the car is yours or not. The original agreement should contain the figures. Hope you sort it out

immoral_angeluk

Bunnyinthelights wrote: »

IA,
Who is the Car Loan with?
Call them up and get the info...

Would it be cheaper to get a loan out with someone else to pay it off? Would you be able to a CC with 0%?

Bunny x

Welcome car finance :rolleyes: :mad:
Very very doubtful of us getting any better APR to be honest especially now we're losing my wage..
Had a closer look and the 'option fee' is £100... I think it's a bloody cheek that you have to pay £100 before you own a car that you've paid nearly 8k for!!! Especially when the car itself was only £4995!!!!!:mad:

immoral_angeluk

JonathanA wrote: »

First of all - well done - I don't know how you've managed to pay off so much so quickly - you deserve a medal at the very least. The car loan may be a straight loan, or it may be the type where you put down a deposit, make payments for so many months at £x and then have a final payment to make before the car is yours. Most people taking that kind of loan out part exchange the car for a new one and then start all over again.

You need to identify whether it is a straight loan eg 48 payments @ £x and at the end of it the car is yours or not. The original agreement should contain the figures. Hope you sort it out

well it says payable by 48 monthly payments of £160.50 plus the option fee which is payable at the same time as the final payment if you wish to buy the goods...

:mad: :mad: :mad: :mad:

tumbleweed261

Is there any option to overpay with these things so that the total amount you pay is reduced? Sorry if that's a daft question, but when Citi and Barclays are slayed you can chuck everything at that if the contract allows?

Snaggles

Grrrr....so you pay them all that money and then if you don't pay them £100, they just take the car back......nice!

It could have been worse though, you'll easily grow £100 on that money tree of yours before then

To look on the bright side a bit - you will NEVER in you life end up with such a crappy car finance deal again.

immoral_angeluk

tumbleweed261 wrote: »

Is there any option to overpay with these things so that the total amount you pay is reduced? Sorry if that's a daft question, but when Citi and Barclays are slayed you can chuck everything at that if the contract allows?

That's what I was looking for when I stumbled across the option fee thing.. can't see anything but still looking...