mortgage problem

ACG

shortchanged wrote: »

Come on ACG this is quite scary advice for a financial expert.

APR as I'm sure you are well aware is the interest rate based over a year. So if someone doesn't clear the debt it rolls over and so on.

So the 30% you are quoting is for 1 months interest.

Now multiply that by 12 and you get a figure closer to 360% APR.

Hence why pay day loans are a very bad idea.

Its not advice, its an opinion.

He wants a loan for 1 month, not 12. Otherwise he would have said he cant pay his mortgage for the next 12 months.

Hes in a bit of a pickle for a short term - pay day loans help with that. Theres no need to make a mountain here.

salmonking

JimmyTheWig wrote: »

Don't know what line of work you are in, or what your relationship is with your customers, but how about a special offer where they get, say, 30% off if they pay for their next order this month?

Alternatively, what do you do about income tax? Do you have an account that you pay into each month so that you can pay the bill when it comes? Could you borrow from this pot?

hi jimmy,with regards tax,ive just payed a big bill in January so no go there!lol.think i'll pop to bank tomorrow to see if they can help.cheers for the reply.

salmonking

just to let you guys know,ive had a bit of luck and don't need to go to the bank!ive had an offer from a ppi claim of £5050!! phew,i can stop worrying! big thanks for all your advice though.

Dan-Dan

blimey , lucky you!

dotdash79

salmonking wrote: »

just to let you guys know,ive had a bit of luck and don't need to go to the bank!ive had an offer from a ppi claim of £5050!! phew,i can stop worrying! big thanks for all your advice though.

That's great news

salmonking

Dan-Dan wrote: »

blimey , lucky you!

tell me about it!! after the last 5 month to say im relieved would be an understatement!!:o

ACG

Haha, nice one.

On a side note, to avoid things like this in the future it might be worth having a read up on http://en.wikipedia.org/wiki/Income_protection_insurance

If you see a Mortgage or Financial advisor they can help, meaning you might not have to worry about being in the same situation in future.