My Journey To Financial Freedom Begins

kingsg

I Would First Off Just Like To Say, You Guys Are All Amazing!

I Have Been Reading Lots Of The Threads Over The Past Couple Of Weeks And I Am Very Taken Back By The Levels Of Support People Offer.

I Guess My Main Reason For Starting This Thread Is I Want To Get Away From The Feeling Of Isolation My Situation Has Given Me. I Have Very Good Friends And A Loving Family However Maybe Through A Combination Of Pride And Shame I Have Found Myself Unable To Tell Them.

Like Most I Have Suffered From The Self Inflicted Mentality Of Sticking My Head In The Sand And Hoping It Would Be Gone. This Has Now Come To And End! I Want To Face Up To This Siutation And Beat It Back To Where It Came !

My Aim Is To Maintain This Thread Till The Completion Of This Task And Hopefully Benefit From Support When I Am Low And Offer Support When Able, Even If This Is Just Showing That There Are Others In The Same Position And It Gets Better!

Apologies For The Lenght Of This, Kinda Started Flowing !

Will Come Back With Some Figures And My Thoughts On How I Think I Should Deal With Them....

WesternExpress

All the best with it, and keep updating us so you don't feel all alone.

LittleL_4

Hi Kingsg :hello: welcome on board. Sounds like you've had your LB moment. Well done and I look forward to your posts :beer:
L
x

Ps...why all the capital letters lol!!! :rotfl:

kingsg

Thanks guys, i know it going to take a while but i am going to do this.

As for the capital letters, not really sure!

Cheers

kingsg

Hi guys,

Been mega busy and haven`t had a chance to draw up a definative figures yet, would like to make sure i get it right before i shout it from the roof tops.

I have however got a question which i wondered if anybody could help me with in the interim. To set the scene, i have got a loan (£10,000) with Lloyds TSB for a period of 60 months(currently 25 months in). I have approached Lloyds today with the aim of removing the loan protection which totals £59 of the monthly payment (£306), i intend to replace with a seperate policy which i have been quoted £4.89 a month.

They have have however refused to remove the insurance as i am outside the first 30days of the aggreement, is this normal?

They have however told me that i can re-negociate the loan to remove this insurance but as i have a very poor internal credit rating as my current account in the past has been run poorly, they would remove the insurance but the APR would go up from the current 16.9 APR .I have checked my external credit reference with experian in the last week and i have a score of 999 out of 1000, which i have been led to believe is prity damn good.

so which option do you think makes the most sense?

1. wait it out for the next few months maintainig the current account and hope i can change the aggreement and remove the insurance, i am not really sure if a couple of months will make a difference to this internal rating!

2. look externally and try to find a loan at a cheaper APR without insurance.

If i was to go for option 2 how would this work when coming to settlement of the current aggreement, would i only pay insurance until the settlement date?

Any help you guys can offer would be whole heartedly appreciated.

Cheers:o

moozie_2

Hello and welcome to the site!

It's not easy to advise you without the full picture, however, I can safely say 16.9% APR is appalling! :eek: Once you have a full idea of what your figures are, perhaps you can consider taking your loan elsewhere as If your credit worthiness is good, as you say, you should have no problem getting a much lower APR.

I have two loans at 6.5% each - just to give you an idea of APRs.

Good luck!

angelavdavis

Welcome to the Money saving board!

Provided you haven't been refused loans previously, I would go ahead and see if you can obtain another to move the loan across at a more reasonable rate and minute the PPI. However, if you have ready been refused or are refused this application, don't do any more applications as it will further damage your credit rating.

I think your first step though is to post your SOA up online - there are lots of people here that can help you out - they are all fab!

For example, if the good people on here help you save on your monthly outgoings by reviewing the SOA, you could decrease the payment period for the new loan or switch to a flexible loan where you can pay off more when your position allows, etc to shift the debt sooner.

Good luck with your quest.

kingsg

Hi,

Please excuse my ignorance but what is a SOA?

Cheers:o

dancingfairy

A statement of affairs - basically it lists your current situation - all your incomings, and all your outgoings (all of them including magazines/sweets/smokes/trip to the pub/train ticketetc) and all your debts so we get a full picture. Have a look at Southern Scousers sticky at the top of the board for new posters and this will tell you how to do one. Good Luck

irishmanc

Hi there,

With regards to your question about cancelling PPI, if you have a look on the loans chat forum you will see threads about people cancelling their PPIs, and some people have the same problem as you. I belive there are also some templates there to send to the banks concerned.

Hope that helps!

gemspan

Hi there

Welcome to the forum. I am having the same problem with Black Horse (part of TSB!) regarding PPI. I am in the process of sorting this out. Look at template letters but also have a look at the consumer action group website. You will get lots of interesting information on there about claiming back bank charges. Also, I think there is a new forum regarding claiming back bank charges on this forum.

If you say your account was not run well in the past, there is every possibility that TSB are owing you money!!!!! in bank charges which are unlawful.

I am in the process of claiming back bank charges from TSB Scotland and also Bank of Scotland. What I would advise is dont listen to their rubbish. If you want to cancel PPI you are entitled to do so. Also, was the PPI sold to you as a condition of the loan. If so, they have missold it and you can claim every penny in premiums that you have paid back. Do a search on PPI on the forum.

I was like you before I started reading this forum. I now feel more empowered and am fighting back. Its amazing the confidence it gives you. I lost all my confidence because of the way Bank of Scotland have treated me in the past; I felt worthless and a bit of a loser. Now I am looking for a full time job; claiming back bank charges; disputing bills etc.,

You will find the strength to fight back. Good luck.

Annie