Back and Feeling rather ashamed!

pania

OK well, had to post the above as it was going to log me out but can carry on now, would be really handy to have a little egg timery kinda thing to show you how long you have to post before it logs you out, maybe then we all wouldn't loose so many posts!


Breadmaking was quite a success actually, although i had to do rolls as didn't have a loaf tin. May treat myself to a 59p tesco value one today, just for a giggle. Has inspired me to start making other stuff, heck maybe even something not from a packet!!

Ok, so heres my dilemma. to welcome or not to welcome.
Mr provi man is being a pain in the butt at the mo, not turning up when we've arranged then turning up when i'm out on appointments and generally being a pain. to the extent that i now owe him 7 weeks in payments:eek: Have tried to get him to just take the month that i usually do with the rest on payday as in my mind its his fault that he hasn't turned up, but wants it all now. :mad:

So, welcome have said that they can extend my loan by £568, decreasing my monthly payments to both welcome and provi from £140 pm to £110 pm.
provi charge 177%!!!!:eek: :eek: :eek: welcome charge 49%, still:eek: but not as :eek: as 177%!

So do i accept the loan extension, pay off provi, then use the remaining money to clear the next couple of months payments?

Sounds good in theory but my current welcome loan, despite original loan amount being £1800 and making nearly a years worth of 95pm payments now stands at £1950!!:eek: really wasn't aware of this at all so off to update sig shortly:mad: my fear is that if i take out the extra, although i'll be rid of the provi i will still be sstuck with this one for ages.

End of sept i should be able to start overpaying my loans quite significantly and M-I-L2B asked me yesterday if i could do some paid work for her making phonecalls from home when she is away, should also start in september so a little extra coming in.

Help!!

pania

(apologies!) AAAAAAAAAAAAAAAAAAAAAAAAARRRRRGGGGHHHH FOR G*D'S SAKE BLOO*Y BLOOMIN AWFUL COMPUTERS WHERES THE NEAREST WINDOW IT'S GOING OUT YOU [EMAIL="CAN@T"]CAN'T[/EMAIL] STOP ME [EMAIL="DON@T"]DON'T[/EMAIL] EVEN TRY THE LAPTOP IS FLYING WHEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!!!!!!!!:mad: :mad: :mad: :mad: :rotfl: :mad:

why is it that just when i think i'm getting somewhere with my work my computer falls victim to the virus currently contaminating insurance systems, wipes all my applications at their end and i now have to do it all over again!!

sob cry sob cry sob. was just JUST getting on top of it all too!!

BAH HUMBUG!!!
That feels better, back to work now....:rolleyes:

redsquirrel80

Hugs P.. that's rotten.. thanks for the positive thoughts on the other thread, think I'm gonna print them out and read them over and over in the hope they might sink in!

Re the loan thing, if it was me I think I'd go for the extra on the Welcome one just to have one less payment and get rid of the hassle of the Provi.. be psychologically better I think?

Karmacat

Aargh, Pania, sorry about the insurance virus thing! Is that like when a form you've spent ages filling in just disappears? Ug. They're so complex, these things, its a big time investment just wasted.

The loan thing........ those interest rates!!! :eek: :eek: :eek:

So, the provi interest rate is so high that even tho you'll now be paying 49% on it, it will go down by £30 per month, because you'll be paying it all to welcome? As you say, it sounds good, but your experience with welcome is that you owe more now than when you started. That can't be good. If you do it, you *have* to earmark that £30 a month to overpayments, no ifs or buts. If paying whatever you're currently paying to welcome has meant that the amount you owe to them has gone *up*, then you need to pay more, to get the capital down, pronto. :eek: :eek: :eek: . Scary stuff. I'm not sure I've got the full gist of it, tho, feel free to correct if it looks to you like I haven't.

Seaxwyn

Hi Pania

I didnt understand the bit about the welcome and provi loans. Can you compare the total amount you will pay if you extend the loan, and the total you will pay if you continue as is.

With your welcome loan, is it the total amount you will have to pay if you pay off over the full term that has gone up?

With my mahoosive loan, there are two figures. A big one that I will eventually pay if I pay it off over the full term (which is still higher than the original amount I borrowed, after paying £386.month for a year and a half) and a smaller total that I would have to pay if I could clear it today. That total is 5k less than I originally borrowed.

Sorry if this isn't helpful, not feeling too clever today.

pania

Hi All, sorry my bad.

Ok, welcome loan taken out aug 06 int rate of 49% original amount £1800,
95pm, settlement figure quoted at £1950! so has increased rather than decreased.

Provi loan £350 taken out april 2007, £10.65 pw for 55 weeks, int rate 177%!!!, total amount payable £584,37. Settlement figure quoted at £310.

Welcome offering to extend my loan to £2500, leaving me with £565 cash to pay off provi loan and keep a float in my account to stop me going into my measly overdraft of £100.

Does it make sense to accept welcomes offer, over pay as often as possible which i will very soon be in a position to do or to keep the provi running, pay him what he wants and get shot of it by other means, thought not sure where asap?

Thanks for taking the time to respond guys is very much appreciated.

Seaxwyn

Hi pania, thanks I understand it better now.

What terrible interest rates! What scoundrels!

I don't understand why the amount you would pay to welcome would go down though? Can you not keep the repayment the same and pay it off quicker?

And are you really able to overpay it without penalties?

My usual feeling is to avoid extending a loan (having done it myself too many times) but I think in this case it would be a definite plus to get rid of the provi loan.

pania

hiya sea thanks, yes can overpay it anytime , but i would want to make sure it would have a definate impact on the balance and that it wouldn't keep going up.
I know was shell shocked when provi man said the amount of interest but at the time i really didn't have a choice with it. would love to get rid of him, is so humiliating having him turn up and make me physically hand him the money. I know i had my problems a few years back but everything is being paid on time with no glitches now so is horrible to be so untrusted.

sorry just to clarify, the amount to welcome would go up slightly, but when you goup together welcome and provi that i am paying at the moment, the amount i would pay as one thing would go down.

thanks for the advice. how are things with you?

ZTD

pania wrote: »

would love to get rid of him, is so humiliating having him turn up and make me physically hand him the money.

Are you wanting to get rid of the loan for emotional reasons, rather than purely financial ones?

You need to find out a settlement figure - for both loans.

Have you tried anyone else for a loan?

Seaxwyn

Hi pania

I would definitely get rid of the provi loan and close that chapter.

Things Ok here really, I'm feeling a bit down but should just buck up and count my blessings. At least I have plenty of work.

My OH is driving me mad today, he has spent the whole day chatting to the decorator working here, I can't help overhearing and it's making me utterly enraged - he's stopping both of them working! It also makes me feel a bit sad, as he is obviously starved of sympathetic company and just grateful to have someone pleasant to chat to who doesn't nag him all the time!

Oh well, - you pay off that provi scumbag - then make sure to pay off Welcome superfast too.