My/ our debt in black in white. Advice needed!

Storm

Joint Northern Rock, balance £17000, £184 per month, approx 11% APR ( was tied to previous Together mortgae with NR and so still has 22 years to run!!!! We were a loan refused when we applied for loan to be rewritten).

Have I got this right - you're paying £184 a month for the next 22 years??? if so that's £48576 you're repaying in total! :eek: On my very basic figures for interest (cos i'm not that clever) you're really only paying off about £580 a year off the actual capital. Can you overpay on this at all? If you manage to clear some of your other debts will they at least reduce the term on this so you don't pay so much interest?

Skint-gall

Storm wrote:

Joint Northern Rock, balance £17000, £184 per month, approx 11% APR ( was tied to previous Together mortgae with NR and so still has 22 years to run!!!! We were a loan refused when we applied for loan to be rewritten).

Have I got this right - you're paying £184 a month for the next 22 years??? if so that's £48576 you're repaying in total! :eek: On my very basic figures for interest (cos i'm not that clever) you're really only paying off about £580 a year off the actual capital. Can you overpay on this at all? If you manage to clear some of your other debts will they at least reduce the term on this so you don't pay so much interest?

It was tied to a previous mortgage that we had and was included in the total mortgage payment each month. When it was tied to the mortgage it was charged at approx 5%. We have asked them to rewrite the loan but we were turned down. I don't think they would consider this until we have less debts/ credit rating is better. I don't know know if giving them a call and saying that we are going to be shopping around for a better deal and asking for a redemption figure would prompt them to lower the rate??

lynzpower

is it a secured loan ?

Skint-gall

lynzpower wrote:

YAYYY
nice work on cutting the card up

Soon yu will forget about ever using one, promise

It did feel good to finally do it!!!

Skint-gall

lynzpower wrote:

is it a secured loan ?

No. Although it was part of Together mortgage with Northern Rock it was unsecured. As soon as the we stopped having a mortgage with them it was hiked up to 11% !!!

Skint-gall

Hopefully someone might know answer to this....If my OH got a 0% bal transfer credit card or low for life of balance one would he be able to transfer my credit card debt to it??? I ask as I think he is more likely to be accepted for a new card than I am.

misfire

Havent got much to add (sorry) but I think The hardest thing is having that 'lightbulb' moment - and honestly putting everything down which you have done. That is the first step to 'freedom from debt' dont let it get you down - post on here when you feel like having a mad spending moment (we all have days where we want to thrown in the towel)

GOOD LUCK

chevalier

Your gas and electric seem a lot for just the two of you. Are you turning everything off at the wall? Or does this include overpayment for arrears? Have you checked that you are with the cheapest gas and electric supplier. If you find the cheapest one and then go via quidco, you will get cash back too.

Skint-gall

chevalier wrote:

Your gas and electric seem a lot for just the two of you. Are you turning everything off at the wall? Or does this include overpayment for arrears? Have you checked that you are with the cheapest gas and electric supplier. If you find the cheapest one and then go via quidco, you will get cash back too.

Yes that is just for the two of us but house is quite big. I tend to tend turn everything off at the wall but OH doesn't always do it. the Gas & Electric goes up and down over the year but £80 seems about average. I am with Scottish Power at the moment but have been a bit wary of switching as all the suppliers seem to be announcing price rises.

ifonlyiknewthen

If your OH gets new o% or low lob card he could transfer your card debt onto it. They just want card number not who`s name its in.
OH and I have done this with our debts to swap things around to get best card deals!