Complicated "Family" Loan Situation

TerminalJunkie

Hi,

Just an update and some more info re debtcutter and claret_mike's posts - thanks for those!

I've gone over the numbers again and things look a little better / worse depending on how you look at it, will try and keep it as short as poss otherwise will be a huge post.

The 11k figure was comprised of more than one loan but it breaks down roughly like this...

7K borrowed and 9 full / on time payments made before change of circumstances - was originally thought to be 6 but found some paperwork indicating 3 more. There were two payments they made before taken the large consolidation loan making 11 in all.

About a month before my problems occurred they allowed me use of a credit card on which I spent 4k. Had things not gone wrong this plus the interest due would have been paid over a few years, as it was I managed to make some part payments in the couple of months before they consolidated everything that at least covered the interest and stopped the balance from really growing.

This is where the 11K borrowed figure mentioned in my first post come from, sorry for not making it clearer.

With all this in mind I'm pretty sure I've sussed the numbers as to what i owed at the time of consolidation but please point out any dodgy maths.

Balance of 6k on the 7k loan. This is based on using an online early settlement calculator to give a sum after 11 payments and then adding the two they paid on my behalf to that amount - it doesnt account for any interest I may owe them on the two they paid but don't think this would be enough to really throw things out?

Balance of 4.1k on the 4k credit card There were only a few months between me taking this on and their consolidation so my part payments thankfully stopped this from getting out of hand.

That made 10.1k at the time of consolidation for a total repayable of 17.4k (12 years @ 10% APR) although at the time I didn't know the terms of the loan. I missed the first 6 months of this, made part payments now worked out to be about 2/3 of full for another 6 and from there on good sized over payments each month.

Using a variable repayment loan calculator spreadsheet and the actual dates / amounts paid it looks like the 10.1k was paid a year ago having incurred 3.6k of interest for a total payable of 13.7k.

To date I've given them 16k and continuing to make payments at the rate I have been until then end of their 12 year loan would bring this up to to 23.8k...

So much for keeping it short but hope that explains how I've worked things out and also why I believe my debt to them now paid with 2.3k extra as a sorry for the hassle caused.

randomnut

Well it sounds like you've done your homework to actually prove to an extent that you have fully paid off your loan. Just explain your working out to them and explain you won't be paying any more. If they screwed their finances up borrowing such a large amount on top of your loan you should not have to pay for it.