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sammyjo_3
sammyjo_3 Posts: 70 Forumite
in Debt-free wannabe
i know i keep going on about this but.......

went to Barclays on Saturday and the PPI and interest totally just short of £7000 has been taken off our loan...

The payments have dropped by £120 per month..... am so chuffed :j :j :T

Thanks to all on here for you fab advice!!! :beer:
Time to make a change .......
Total debt £25,930 :eek:
debt free date - Sept 2011 (will try my hardest to reduce it!)

Proud to be dealing with my debts:D

Comments

  • yung
    yung Posts: 700 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    :T well done it does make life a bit easier :T
    Yung
    Early Retiree debt & stress free. and Joined the SKI club:j

  • saintly_2
    saintly_2 Posts: 544 Forumite
    its a great feelin isnt it, i did the same last week and every time i look at my loan balance on the internet i'm chuffed to bits!!!

    well done
    Married my amazing hubby on 8th September 2012 :j:j
  • chevalier
    chevalier Posts: 7,937 Forumite
    Part of the Furniture Combo Breaker
    it is amazing how much ppi adds to a loan. You have reminded me not to take it if we ever need to get a loan again.
    I want a job that is less than an hour driving away from my house! Are you listening universe?
  • babes21
    babes21 Posts: 1,665 Forumite
    That's fab sammy :j
  • Nuclear_Tom
    Nuclear_Tom Posts: 198 Forumite
    Oooh! I think I have PPI on my loans, and maybe a credit card! Definitely going to look into this, and thanks for the advice! :)
  • oops_a_daisy
    oops_a_daisy Posts: 2,460 Forumite
    Part of the Furniture Name Dropper Combo Breaker Debt-free and Proud!
    OMG I didnt realise PPI was that much :eek: - well done :D
    :cool: Official DFW Nerd Club Member #37 Debt free Feb 07 :cool:
  • sammyjo_3
    sammyjo_3 Posts: 70 Forumite
    guess it depends on the PPI but this was on a loan of £20000 over 7 years at 10.9% (best he could get at the time) and of course they add interest onto the PPI :mad:

    don't need to worry now anymore, lovely xmas pressie me thinks! :snow_laug
    Time to make a change .......
    Total debt £25,930 :eek:
    debt free date - Sept 2011 (will try my hardest to reduce it!)

    Proud to be dealing with my debts:D
  • dexters_mum_2
    dexters_mum_2 Posts: 860 Forumite
    500 Posts
    Can I ask, how did you get the PPI taken off, hubby has an HSBC loan and it has horrendous PPI, he's with Payplan and I am sure if the PPI were taken off, it would significantly reduce his debt....

    Congrats to you for getting it done!
    £2 Coin Savers Club (Christmas)- £86
    £1 Jar (Christmas)- £29
    Christmas Vouchers Saved: £145
  • sammyjo_3
    sammyjo_3 Posts: 70 Forumite
    dexters_mum wrote:
    Can I ask, how did you get the PPI taken off, hubby has an HSBC loan and it has horrendous PPI, he's with Payplan and I am sure if the PPI were taken off, it would significantly reduce his debt....

    Congrats to you for getting it done!


    we were mis-sold the PPI, we found out that my husband wasn't actually covered as he was a temporary worker but when he took it out we were assured he would be covered.

    the only problem when you have it removed it you have to go through a new loan application an in my experience that always raises the apr. With ours they wanted to put it from 10.9% to 19.9% but because they were found to be in the wrong it had to stay at 10.9%.

    Good luck, it's a battle, but worth it! ;)
    Time to make a change .......
    Total debt £25,930 :eek:
    debt free date - Sept 2011 (will try my hardest to reduce it!)

    Proud to be dealing with my debts:D
  • Verbatim
    Verbatim Posts: 4,831 Forumite
    Part of the Furniture 1,000 Posts
    Well done sammy Jo makes a huge difference doesn't it?
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
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