SadGirls SOA

SadGirl

Well here goes..After yesterdays shenanigans I almost had a smile on my face, but after working all this out, I'm more depressed than ever.


MONTHLY INCOMING £2500

MONTHLY OUTGOING

Mortgage £440
£60,274 owing at 5.9%

Tv License £11

Egg Loan £328.44
over 7 years at 7.9%
(This is the one I am thinking of taking out this month to pay off my Egg Card - balance £10,723, and my Egg Loan £11,903)

Loan £379
£5137 owing at 11.68% finishes 06/08

Internet Connection £15

Car Insurance £80.95

House Insurance £21

Barclaycard £90 minimum a month
£4765 owing 12.9% purchases 27.9% cash (About £1000 of this I think is cash advances)

Halifax Visa £250 minimum a month
Balance £13,600 at 6.9%, 21.95% cash. (About £800 in cash advances on this card)

Petrol £160

Shopping £80

Gas/Elec/Water £80

Council Tax £79

Phone £50

Secured Loan £422

Income Tax £150
This is where I get confused by the paperwork. I'll list what it says below and maybe you can work it out?

Amount of advance £35,500
Protection insurance £6000
Amount of Credit £41,500
Broker Fee £1500
Completion costs £500
Reading this now I think I've been done!!
Loan = £43500
Interest rate 10.75% fixed for initial period of one month (Wow) then 6% over the barclays base lending rate.
Does this make any sense? It says on the bottom Plan is Xpress O SC 4.75%
Base rate + margin 10.75%
thsi is now all gobble de gook to me.

Can I just add, my phone and utility bills have a bit paid off my tax as I'm self employed.

So, after all this....

Incoming a month £2500

Outgoing a month £2636

Now you can see why I have a cash balance on my visa cards

Because I'm self employed sometimes I earn a bit more, but sometimes less, so this is the average. Sometimes my partner will do the shopping so I have a little extra, but I said, he knows nothing of any of this.

Please help
Thanks in advance

SadGirl

I forgot to add, my mortgage has 18 years 2 months to run.

emzig123

I typed a nice long reply then lost it! main points that stand out are car insurance, petrol and home insurance. can you cut any of them down. also what about the phone? is that mobile or landline?

SadGirl

Car insurance is the cheapest I can get after shopping around in november. I have points I'm afraid, and I use my car for work. Home insurance I have not tried to get down, and that does not end until november too, so I'm locked in until then. The phone is my work phone, this includes home phone and mobile, and most of it comes out of my tax, although i do have to pay it up front. I use all my free minutes, hardly use my home phone, use NO 0870 for 0870 numbers to find alternatives, and have a very cheap mobile runnign cost. What I do use is 95% business and cannot avoid if I want to continue working! Keep the ideas coming though!

chevalier

If you do take this loan then cancel the payment protection insurance. As you are self employed I can almost guarantee it won't pay out if you have no work for any length of time. Which will save you 6k on the loan. You can get out of this if you have agreed in the last 7 days I believe.

Do you have a bad credit score? Is that way the APR is so high?

Probably a better way is to talk to CCCS or Payplan about a debt management plan rather than moving around your debt.
best of luck
chev

SadGirl

I already have the secured loan. The one with the £6k of protection, so I can't get out of that now I have no protection on the other loans. My credit score is good I have been told.

SadGirl

Even though the secured loan is over a year old, can I cancel the protection? I'm led to believe I cannot even pay any extra off of it as it's locked until 2009.

Snaggles

The Barclays loan - is that a secured loan? It looks as though the interest rate is variable (as it's base rate plus a certain amount) so if the base rate goes up (quite likely to do so regularly over the next couple of years), you could end up with bigger and bigger monthly payments, or if they keep the payments the same, but quote an 'assumed final repayment' you could have a big lump sum to pay at the end to clear it.

Sorry if I've misunderstood it though. Is this a loan that you already have, or one you are thinking of taking?

Edit - oh, you've answered my question while I was still typing, sorry!

medman

It sounds to me like the £6K PPI was mis-sold to you. If you were self employed at the time you applied for the loan then this offers you no protection and the lending institution should not have sold it to you.

I would write to them to that effect stating that this was mis-sold: you have never benefited from any cover as you are and were self employed and ask them to refund the full amount. I would even suggest that you will write to the financial ombudsman if they don't concur.

Good luck

MM

SadGirl

The barclaycard is a credit card not a loan. Medman..that sounds interesting. i may do that. I'll call them first and see what they say. How do I contact a financial ombudsman? Thanks

Snaggles

Sorry, I meant this bit:

Amount of advance £35,500
Protection insurance £6000
Amount of Credit £41,500
Broker Fee £1500
Completion costs £500
Reading this now I think I've been done!!
Loan = £43500
Interest rate 10.75% fixed for initial period of one month (Wow) then 6% over the barclays base lending rate.
Does this make any sense? It says on the bottom Plan is Xpress O SC 4.75%
Base rate + margin 10.75%

Is that not a loan with Barclays?