Girlfriend has loan but is now on maternity leave

opinions4u

wheelerc wrote: »

Opinions4u, if the repayments had been £30 higher per month, it would be much closer to being repaid by now, as it stands she has a ISA account with a few hundred pounds in it and has given the bank a lot of interest payments.

Not much close. A bit closer. And if you take a loan out in your own name and use the funds in the ISA you will presumably need to borrow less now.

As I mentioned in the original post, it's not a case of not being able to afford the payments - I'd just rather we were spending the cash on our Son or our selves, than giving it to a bank, so came here for some financial advice.

A bit of a mixed bag though. There's advice on how to deal with finances, and there's advice on how to back out of an agreement. You won't succeed with the mis-selling approach.

I can borrow from HSBC at 7.6% so it sounds like that is the best route to take.

Price it up carefully. Will they lend to you at this rate, or is it simply a headline rate that they advertise that doesn't apply to your circumstances?

Are you saving money by borrowing the funds over a longer term? This could be a false economy.

Definitely no chance of mis-impregnation

:rotfl:

telboyo

Two words "forward planning".

wheelerc

Have you read the thread?

wheelerc

She does have most of the money from the ISA left which we can use to help repay the loan early. I can only get the 7.6% rate if borrowing over £7,000... but I'm rather tempted to do that as I'd like to upgrade the car too

£7000 over 24 months at 7.6% = £7547.72

So if Natwest will settle the loan for anything less than £3652.28 (£4200 - 547.72) we're better off (in terms of the interest we're already due to pay), and effectively get another £4000 at 0%. I think.

chalkie99

telboyo wrote: »

Two words "forward planning".

Did you mean "family planning"?

telboyo

wheelerc wrote: »

Have you read the thread?

Yes I have
Did she get pregnant by magic?

telboyo

wheelerc wrote: »

She does have most of the money from the ISA left which we can use to help repay the loan early. I can only get the 7.6% rate if borrowing over £7,000... but I'm rather tempted to do that as I'd like to upgrade the car too

£7000 over 24 months at 7.6% = £7547.72

So if Natwest will settle the loan for anything less than £3652.28 (£4200 - 547.72) we're better off (in terms of the interest we're already due to pay), and effectively get another £4000 at 0%. I think.

I don't get it, you are struggling to pay £174 PM now you want to take out a loan for 315 pm.
Child care does not come free have you thought how that is to be paid.

Apples2

What a completely bizarre post.

Your GF took out a loan before you met, the loan was offered to her based on her level of risk at the time (a high risk as it turns out, maybe the bank did know she would get pregnant after all!)
You are now comparing her loan to a rate you are assuming you are going to be offered now.

By that logic, everyone who doesn't receive the advertised rate should be screaming Mis-Selling (okay, a lot do just that but really shouldn't)

There is no right to maintaining your standard of living, if you take credit, expect to be encumbered with the repayments until the agreement is finished. This is something you should accept as fact.

Your GF was obviously a high risk applicant, it wasn't your loan back then. If you are in a position to help her by taking the debt on, do just that but calling something criminal now is simply daft (as are claims of mis-selling)


EDIT: This must be the first post I have seen where someone is complaining they took out a Tax Free savings account and now have money sitting in it.


.

the_insider

And then states that he wants to spend more money on his son but is happy to take further borrowing for a car, repaying more per month.
Have you actually had it confirmed that they will lend to you at 7.6%? Just because it's a 'typical' APR doesn't mean you'll definitely get it.

sp1987

So let me get this clear in my head...

The repayments are too high...

So you wish to borrow more, paying more for it. Uh?

You don't work at the treasury, do you? :rotfl: