urgent help needed BEST WAY TO PAY OFF CARAVAN RATHER THAN BLACK HORSE FINANCE

Cookieraider_2

Help please;NEED TO PAY OFF A NEW CARAVAN RATHER THAN USING BLACK HORSE FINANCE :

My cancellation period finishes tomorrow!

I had got a new 0% credit card to pay off the Black Horse loan that I took out temporarily. But unfortunately Barclaycard wont do a balance transfer from them. And their purchases are 27.9% and they wont transfer to my bank account.

What shall I do get a loan? - where do i start!? we have good credit rating (not sure about now after applying for this credit card though?)

Black Horse is 14.9% APR interest rate of £12.51 per anum

Stressing a bit:mad:, times running out! any help appreciated

Apples2

If the cancellation period finishes tomorrow there is nothing to stress about, it is already far too late.

The only thing you could possibly get to hit your account before tomorrow is a £200 Payday loan.

Cookieraider_2

when i took out the Black Horse finance I was told it was 7% but on the agreement paper I have 2 different figures: 14.9% APR & interest rate of £12.51 per anum. WHAT S THE DIFFERENCE?

I am confused what to compare when looking at a better rate.

The agreement says I have 15 days in which to inform them im cancelling and pay the full amount within 30 days BUT the letter I received today in reply of my cancellation notice says I have to pay it by 31st August (tomorrow) so hoping they've got it wrong which may buy me a little time...

does anybody know??? Thank you

[Deleted User]

They quoted you flat rate probably, rather than APR.

chanz4

£12.51 sounds too low for intrest

Cookieraider_2

they were crafty then saying 7%!! so when i hunt for a loan i need to look at the APR% instead - seems to be around 7% APR on here which is better than the 14.9% with Black Horse.

Just need to find out now if I have 15 or 30 days to pay them the balance?!!???

Cookieraider_2

chanz4 wrote: »

£12.51 sounds too low for intrest

i ment 12.51% per anum

iolanthe07

7% flat would be about 14.9% APR. This is a common trick in the motor trade; seems to extend to caravans too.

Cookieraider_2

so when comparing loans go by the APR rate?

Apples2

ljcook wrote: »

so when comparing loans go by the APR rate?

Yes, all the high Street banks quote the APR.

The Sheepskin wearing, cockney waffling, Arthur Daley Car Dealers tend to quickly rush out the words, "Interest Rate"

They are actually peddling a FLAT RATE, which calculates as approx 50% of the actual APR.

No matter how friendly they seem, they all do this to hoodwink the punter into believing it is a great deal. You are his meal ticket, nothing else and he cares for you not one single iota, he just wants your signature before ignoring you forever.

Pipz

Apples2 wrote: »

No matter how friendly they seem, they all do this to hoodwink the punter into believing it is a great deal. You are his meal ticket, nothing else and he cares for you not one single iota, he just wants your signature before ignoring you forever.

But he told me I had a pretty smile :,(