Paying off loan

mcs1977

Jamesarpc, well done for taking the debt by the horns, I would have dont the same, though the loan co. may have taken the £5000 as an early settlement if you'd asked them, but at least you'll be debt free from the loan within a year and then can throw the money saved at your CC debt :beer:

Just a little word of advice though, ignore the likes of Apples, Iolanthe and Chalkie. There are people on this board that are 'holier than thou' and appear (to me) to prefer to dig and snipe than give good constructive advice. If you stick with it and ignore them you will get good advise

Martyn

CHR15

mcs1977 wrote: »

, though the loan co. may have taken the £5000 as an early settlement if you'd asked them,

Explain WHY the loan company would accept £5k in settlement.
Why on EARTH would they?

So your best advice is akin to taking out a loan and then calling them with a "mcs1977 good deal" of only having a slice of the repayments back??

Your constructive advice is ridiculous, as are your further comments.

I await your explanation as to why you think the loan company would accept not even the money they lent, let alone the Interest they were promised..!!

mcs1977

I was factoring in that the outstanding was including interest (though I didn't sit with a calculator to do any sums) and it was just a suggestion, if he'd rang them and asked they may have been able to give him better advice.

As for my other comments being ridiculous do you ever read this forum? All of it and not just little bits for you to take hold of and criticise? I do and though some people do give good advice others seem to get off preaching to those asking for help and ridiculing them either for their alleged stupidity in not foreseeing events or nitpick and go completely of track. The second part was just letting the OP know that there are some 'nuggets', as you like to say, out there so don't ignore what may be constuctive comments in favour of the negative souls.

Martyn

CHR15

mcs1977 wrote: »

do you ever read this forum?

Do I need to answer that with over 4000 posts?

I have seen some cracking advice from the very people you are slating. Over time you do see a trend where the very problem which led to the post lies very much closer to home for the OP (generally, not necessarily this one).

Your advice about offering a pittance to settle is frankly daft!, calculator or not. Still like to know why you think a lender is going to be happy to simply write off all the profit they were going to make.

paddyrg

From a purely numbers point of view, put the cash towards the loan, then keep paying the same £267/month to get it cleared early - you have already proved you can afford £267/month, so don't reduce the payments, just get it cleared and you will sooner be in a position to start saving and making proper plans.

From a slightly more human point of view, keep back say £500 or a grand in a savings account where you can get instant access, but not pay bills. As well as we like to plan, sometimes odd things happen and we just need cash fast, and you don't want to be forced to take a high rate loan with fees when you could keep some cash on-hand. Don't be tempted to spank it on drinks/jewelry etc, this is your buffer purely for emergencies.

From a very human point of view, if it was inheritance money, take maybe £200 of it and use it to get something you really want as a lifelong reminder of your passed relative and their memory. My grandad liked his technology so I used a bit of inheritance to buy a stereo that would last well (blimey, 15yrs or so anyway), I still think of it as his last gift to me.

I know you are getting spelling grief, but in print journalism that is at odds with your chosen career, it would mean you would never see promotion to sub-ed for instance. But journalism can be wide, look at radio/tv where spelling will be important, but less so. Or maybe you are writing shorthand and can dictate? No matter which, I would still strongly suggest it is worth putting extra effort into getting right to get the best promotion opportunities in tthe future, but it is your life, do as you please!

mcs1977

CHR15 wrote: »

Do I need to answer that with over 4000 posts?

Posting and reading are 2 different things, of the 4000+ posts 3999 could be sniping post, the type that do get me annoyed sometimes.

I have seen some cracking advice from the very people you are slating. Over time you do see a trend where the very problem which led to the post lies very much closer to home for the OP (generally, not necessarily this one).

They may give 'cracking' advice but they can also be very condecending to others who have come here to ask advice, only to be (as in this post) slated and/or ridiculed when others are giving good advice. Yes sometimes others do try to find 1000 ways to ask the same question until they get what they wanted to hear, but thats a minority and not everyone should be treated the same.

Your advice about offering a pittance to settle is frankly daft!, calculator or not. Still like to know why you think a lender is going to be happy to simply write off all the profit they were going to make.

If the lender is a high street lender then there's absolutely no way they would even consider accepting the settlement but maybe he has the loan with Welcome or someone in their situation where they are trying to get all monies in ASAP.

Martyn

birkee

Another option is to renegotiate the debt of £7500. Tell then you want to pay off £5000, and take out a new loan for £2500 for the remainder.

I've got to ask though, if you took out a loan for £7.5K, how come you still owe £7.5K? How can payments be the bane of your life, if apparrently, you haven't made any yet?
£7.5K sounds like a car loan.....if so, you bought a more expensive one than you could afford. Bad judgement means you'll never be out of debt. (Except a mortgage from that statement.)

Apples2

mcs1977 wrote: »

maybe he has the loan with Welcome or someone in their situation where they are trying to get all monies in ASAP.

Even Welcome are only accepting reduced settlement figures from those in default i.e. those paying a pittance so they are unlikely ever to see the full amount returned.

You would already know this if you read this Forum.

mcs1977

Apples2 wrote: »

Even Welcome are only accepting reduced settlement figures from those in default i.e. those paying a pittance so they are unlikely ever to see the full amount returned.

You would already know this if you read this Forum.

As an ex Welcome customer who's loan should have ran until September this year and was never in default I can confirm you're wrong Apples, they accepted a final payment from me in January to settle my account early :silenced:

Martyn

jamesarpc

It is a trivial matter on a money forum. And you obviously know NOTHING of journalism. The principle skills are news hunting and writing to speed. Spelling errors are rife. Please stick to the subject.