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Secured Loan early repayment jargon
I've enquired about a secured loan to get me out of immediate struggles. I will, hopefully be paying it off before the end of it's term.
The paperwork has just arrived and in the section for early repay it states that
"The amount payable per £100 of the Amount of Credit if the Borrower chooses to repay early is : After 45 months £97.81 After 90 months 77.19 After 135 months £46.18"
Is there anyone who can decipher this please because the broker told me it would probably only be a month's interest on top.
Seriously got collywobbles over this decision!
Thanks
The paperwork has just arrived and in the section for early repay it states that
"The amount payable per £100 of the Amount of Credit if the Borrower chooses to repay early is : After 45 months £97.81 After 90 months 77.19 After 135 months £46.18"
Is there anyone who can decipher this please because the broker told me it would probably only be a month's interest on top.
Seriously got collywobbles over this decision!
Thanks
0
Comments
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Who is the lender,how much are you borrowing, and for how long?Space available for rent0
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Hi
Gone through a broker, they've got me one through blemain for 25000 for 15yrs - but was intending to pay off after about 5yrs. After reading some of the nightmare posts on early repayment charges I wanted to be sure I knew what I was getting into - having doubts now though.0 -
It will get you deeper in debt, not out of it..think really hard if cutting back would be a better idea..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Think long and hard about taking a secured loan.
Then think of another way
IMHOSpace available for rent0 -
Thanks for the advice. Decided not to go ahead with it.0
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Have a read of ScoobyDoos post about how transferring Unsecured into Secured debt turns out..... it could be you!!
https://forums.moneysavingexpert.com/discussion/37831470 -
Thanks Apples2. I had a bad feeling and deep down knew it could be a wrong decision - that's why I posted.
I've sent a letter to cancel the offer today :T I'll just have to tighten an already tight belt a bit more!0
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