Wait what?

ma-hunny

Hello,

I'm currently paying off a 10K @ 9.9% and a 7.1K @ 20.4% with Halifax but need to borrow 2K more as our boiler just bit the dust and is beyond economical repair.

I have 42 months left on the 10K and 61 months on the 7.1K.

Having a look at their calculator anything under 6K is 29.9% and I would need to borrow 10K over 60 months to get anything like my current second rate (20.6%).

What has got me puzzled is this though; pay attention to the line in bold.

Option 2: Repay as a separate loan, in addition to your current loan

£2000.00

This doesn't include your existing loan.

£81.06 a month for 36 months + £162.86 a month for 61 months

Total amount payable for both monthly repayments:

£243.92 a month for 36 months then £81.06 per month for 25 months

Total amount payable for both loans: £12852.62

29.9% (New loan only) APR on your existing loan is 20.4%

How does that work then? I make that total amount payable of £10807.62 what says you?

I didn't hit select because you know what they say, if it looks to good to be true, it usually is. :cool:

Vikipollard

£81.06 a month for 36 months + £162.86 a month for 61 months

Total amount payable for both monthly repayments:

£243.92 a month for 36 months then £81.06 per month for 25 months

Total amount payable for both loans: £12852.62

29.9% (New loan only) APR on your existing loan is 20.4%

How does that work then? I make that total amount payable of £10807.62 what says you?


I read it as £243.92 for 36 months, then £162.86 for 25 months = £12852.62. You transposed the number of months.

ma-hunny

Vikipollard wrote: »

£81.06 a month for 36 months + £162.86 a month for 61 months

Total amount payable for both monthly repayments:

£243.92 a month for 36 months then £81.06 per month for 25 months

Total amount payable for both loans: £12852.62

29.9% (New loan only) APR on your existing loan is 20.4%

How does that work then? I make that total amount payable of £10807.62 what says you?


I read it as £243.92 for 36 months, then £162.86 for 25 months = £12852.62. You transposed the number of months.

Yeah, it should say that but it doesn't. Guess it's just a glitch on the webpage

ma-hunny

Really not sure what to do and it's bloody freezing:snow_laug

Tiddlywinks

Don't British Gas have a monthly payment service contract that covers repairs? Not sure if you can sign up if the boiler is already knackered but it may be worth a call.

ma-hunny

Tiddlywinks wrote: »

Don't British Gas have a monthly payment service contract that covers repairs? Not sure if you can sign up if the boiler is already knackered but it may be worth a call.

Tried BG and the manufacturer (Worcester Bosch) neither will entertain any form of service plan due to age and condition.

BG offer finance on a new boiler but want 1K more than a local engineer quoted to start off then 27.9%.

Lastnight I tried a Nationwide quote to consolidate the 7.1K and borrow 2K and was told that it was unavailable and to try again later. :mad:

sistafromanothermista

Fluffy socks, blankets and a hot water bottle?:snow_grin

ma-hunny

sistafromanothermista wrote: »

Fluffy socks, blankets and a hot water bottle?:snow_grin

Checked them all and no money in any of them, thanks for the suggestion though.

ma-hunny

I spoke to someone at Help Link today and when talking about finance he asked if I knew my credit rating, to which I said no but that it should be okay. He then asked if I'd ever missed a payment or been refused credit and I told him I've never missed or even made a late payment on anything and never been over my arranged overdraft but when recently requesting a larger overdraft online, they refused, twice.

The chap warned me about being refused credit negatively effecting my credit rating so to check experian as; if the rating is over 800, then finance will be no problem.
I have just signed up to credit expert, but as it needs a pin; most of the data isn't available. It does state xxx/999 excellent under the home tab but I'm not sure if it just defaults to this while it waits for you to log in fully.

I'm also not sure if that nationwide quote was a decline or simply something went wrong with the application. Would something simple like wrong time at address make it fail? (it was over 15 years ago had a hard time remembering the month)

DCFC79

Your actual score is meanigless mind, if it were to be a 999 it doesn't necessarily mean you will get accepted to every loan under the sun.

ma-hunny

DCFC79 wrote: »

Your actual score is meaningless mind, if it were to be a 999 it doesn't necessarily mean you will get accepted to every loan under the sun.

I'm pretty sure when he said "800+ = accepted" he wasn't talking about "every loan under the sun".

I'm well aware different lenders look at different aspects before reaching a decision.

Does creditexpert default to xxx/999 excellent?
Did I get declined by Nationwide?